Chubb will be purchasing the business assets including intellectual property in the form of wordings and underwriting models from DUAL in both Hong Kong and Singapore
Over the last 13 years DUAL Asia has grown organically, in partnership with MSIG, into a Financial Lines specialist, located in both Hong Kong and Singapore
Singapore:
DUAL Group,the specialist underwriting arm of Howden Group Holdings, today announced the sale of its Asia Financial Lines and Cyber portfolio to Chubb Asia Pacific effective 18 June 2022.
Chubb will be purchasing the business assets including intellectual property in the form of wordings and underwriting models from DUAL in both Hong Kong and Singapore.
Over the last 13 years DUAL Asia has grown organically, in partnership with MSIG, into a Financial Lines specialist, located in both Hong Kong and Singapore.
As the Managing General Agency model remains unrecognised in the majority of Asia, DUAL have made the decision to find a new home for their Financial Lines and Cyber portfolio to gain appropriate scale.
Damien Coates, CEO, DUAL Asia Pacific said: “Whilst DUAL is naturally disappointed to be exiting Financial Lines and Cyber in Asia, we believe this sale is in the best interests of both our clients and employees. Chubb is the leading Financial Lines provider in Asia and is strongly positioned to ensure continued expansion of this business into the future. While there was a number of interested parties, Chubb stood out as the preferred partner given their strong Financial Lines and Cyber expertise, cultural alignment, and strategic ties to Howden Group.
“I am delighted to announce that Verone has accepted a newly created role with Chubb as Underwriting and Operations Integration Manager, Financial Lines – Asia, responsible for the continued growth of SME business throughout the region.
The DUAL Group globally remains committed to the Asia region and will continue to look for opportunities to promote business lines where we see opportunities for growth and value for our clients.
DUAL work with a network of over 8,500 broker partners. In FY21, has gross written premiums of $2.3bn.