MGA DUAL to deploy Hyperion underwriting capital to boost growth
Hyperion Insurance Group's managing general agent DUAL plans to deploy its own group underwriting capital alongside its existing capacity providers to drive the next phase of its growth.
The company has hired Alan Telford as new chief underwriting officer (CUO) to further strengthen its leadership and lead its underwriting strategy. Telford was previously CUO of commercial insurance at Liberty Specialty Markets (LSM).
“This is a game-changing moment for DUAL," said David Howden, chief executive of Hyperion. "Now, by providing capital to DUAL, we move to the next stage of our underwriting journey at an exciting time for the Group when we have also welcomed a new investor. I am thrilled that with this announcement DUAL takes the lead in defining what the underwriting business of the future looks like."
DUAL chief executive Richard Clapham will now mainly focus on its strategic priorities as the business enters its next phase of development, having handed over his CUO responsibilities to Telford.
Clapham said: “Over the last four years we have made significant investments in our actuarial and analytical capabilities, as well as our service infrastructure and technology, to build out an agile and scalable underwriting platform with efficiency and performance centre stage. This has been critical on our path to continually dialling up the provision of innovative and expert underwriting and dialling down the frictional costs of insurance.
"DUAL’s long-term partnerships with its capacity providers, some of which stretch back over two decades, have been critical to its success. The Group’s commitment to providing capital to DUAL is the next step in the bonding of these long-term relationships."
He added: "I am delighted to welcome Alan as Chief Underwriting Officer. He brings not only his wealth of experience but also his deep understanding of DUAL from his previous role as CUO, Commercial at Liberty Specialty Markets, one of DUAL’s long-term capacity providers. He could not join us at a more exciting time.”
