Chubb plucks top Dual leader with Asia financial lines buy
Property/casualty insurance group Chubb has acquired the renewal rights of Dual Asia’s financial lines portfolios in Hong Kong SAR and Singapore.
Chubb is purchasing the business assets including the intellectual property and underwriting models from Dual in both Hong Kong and Singapore and intends to hire Dual’s underwriting personnel.
Verone Shek, Dual Asia’s underwriting and operations director, will take on the role as Chubb’s underwriting and operations integration manager, financial lines - Asia reporting to Jamie Park, regional head of financial lines – Asia; strengthening the Chubb team responsible for the continued growth of the small commercial business in Asia.
The parties intend the take-over of Dual’s client portfolio renewal rights to be effective from June 18, 2022.
Chubb highlighted that the agreement demonstrates its commitment to expand its capability and enhance competitiveness in the small commercial marketplace.
Grant Cairns, Chubb’s regional head for property & casualty in Asia Pacific, explained: “This is an exciting opportunity for us to accelerate our small commercial growth plans in Hong Kong and Singapore. In both maturing markets, small commercial owners have become increasingly aware of the importance of secure and stable professional and management liability coverage. We aspire to be the go-to insurer to deliver such coverage backed by our award-winning claims service.”
Damien Coates, CEO Dual Asia Pacific, said: “We are pleased to have signed the transfer agreement with Chubb, a leading Financial Lines insurer in the Asia region. This will allow us to focus our efforts and resources on our core strengths and growth in additional regions. We will work closely with Chubb to ensure a seamless transition for all stakeholders involved.”
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