Howden’s DUAL powers up European expansion with Swiss Re marine acquisition

DUAL, the specialist underwriting arm of broking giant Howden, has acquired Swiss Re's Genoa-based marine team, “significantly” strengthening its marine capability in Europe. 

DUAL has secured capacity from Swiss Re to continue to write marine business for Swiss Re. 

Andrea Cupido, previously Swiss Re's head of marine hull for Corporate Solutions, will lead the DUAL Marine Europe team as executive chairman. Aram Stoop will assume the role of managing director of DUAL Marine Europe.

DUAL said the transaction is in line with its ambitions to become a leading player in the marine market and the partner of choice for brokers, only six months after the launch of a new DUAL marine team in Rotterdam, Netherlands with the hiring of Aram Stoop and Pim de Pooter.

DUAL Marine Europe offers the international broker market access to a comprehensive suite of marine solutions predominantly in Ocean and Inland Hull, Builders Risks, Cargo and Land based Equipment, with plans to further expand and diversify the product range.

Richard Clapham, CEO of DUAL Group, said: “Marine has long been a key sector in Europe and indeed worldwide. I am therefore delighted that we are creating another centre of underwriting excellence in DUAL by welcoming this team and significant portfolio of business from Swiss Re. This is an integral part of DUAL’s continued growth and expansion in Europe and this adds another key business line to the broad portfolio we can offer to our brokers and their clients. Andrea and his team bring market-leading expertise and I believe that this is a real testament to DUAL being seen as a natural home for the best underwriting talents in the market”.

Olaf Jonda, CEO, DUAL Europe, added: “This acquisition is a key pillar in our growth strategy and further strengthens our long-term relationship with Swiss Re. In 2023, we were pleased to welcome Aram Stoop and Pim De Pooter based in Rotterdam and now, with these latest developments, DUAL Europe becomes one of the leading insurers in this space. With two Marine teams in Italy and the Netherlands we are strategically positioned to expand our marine business across both countries and further afield. Andrea and his team have an excellent reputation, long standing relationships and deep industry knowledge and as part of our People first culture, we are proud that the whole Genoa team has chosen to join DUAL Europe. We are excited to have them on board at DUAL to build a leading marine business in close collaboration with the Team based in Rotterdam”.

Cupido commented: “It is exciting for me and the team to join DUAL, an international MGA with a strong heritage, solid reputation and exciting growth ambitions. With 30 years of experience in the Marine insurance business, at leading insurance and reinsurance companies and brokers, I look very much forward to benefiting from DUAL’s entrepreneurial spirit, client-centric approach and broker network to better meet our evolving clients’ needs. I am delighted we will continue to be supported by Swiss Re and will be able to offer the competitive service and true expertise we have already shown to the market.”

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