Dual launches $425m quota share vehicle
Dual, the underwriting arm of Hyperion Insurance Group, has launched a simplified worldwide binder structure which brings $425 million of non-US international capacity together in a quota share vehicle.
Liberty Specialty Markets will lead $300 million of the multi-line, multi-territory facility, and in turn, be backed by a panel of specialist insurance and reinsurance partners, including existing partner Barbican Insurance Group.
The remaining $125 million will be supported by existing markets including long term partner Arch.
The facility, which was effective from September 30, was placed by HB&A Services, an appointed representative of Beach & Associates jointly owned by Howden Broking Group and Beach & Associates.
Dual said the simplified binder structure will enable it to offer both first class security and speed of product to market to its broker partners and end clients and it will also allow Dual to grow profitably both organically and through further acquisitions.
Shane Doyle, chief executive officer of Dual, said: “As we approach $1 billion in premium, this streamlined structure marks a new phase in Dual’s growth and maturity. Global insurers and reinsurers identify Dual as a specialist business with a proven history of profitable growth and the ability to provide unique opportunities.”
“I am delighted to welcome new insurers and reinsurers to our portfolio but also to continuing our relationships with existing markets Liberty, Hiscox, Barbican and, of course, Arch who are Dual’s longest standing partner.”
