Chubb has concluded the transfer of renewal rights of DUAL Asia’s Financial Lines portfolios in Hong Kong and Singapore.
Financial terms of the transaction were not made public.
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The deal covers DUAL’s intellectual property as well as underwriting models in these two markets.
Commenting on the decision, DUAL said: “Whilst DUAL is naturally disappointed to be exiting Financial Lines and Cyber in Asia, we have made arrangements that we consider to be in the best interests of our employees, intermediaries, and policyholders and which will ensure continued expansion of this business into the future.
“To that end we are delighted to announce that we have selected Chubb as the preferred partner for our Financial Lines and Cyber portfolio given its strong Financial Lines and Cyber expertise, cultural alignment, and strategic ties to Howden Group.”
Dual, which is the underwriting unit of Howden Group, also stressed on its commitment to Asia.
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By GlobalDataThe firm said that it will continue to explore opportunities to support business lines with value and growth prospects.
Commenting on the move, DUAL Asia Pacific CEO Damien Coates said: “This will allow us to focus our efforts and resources on our core strengths and growth in additional regions.”
Plans are also on to absorb the underwriting staff of DUAL.
Chubb regional head for property & casualty in Asia Pacific Grant Cairns said: “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.”
As part of the deal, DUAL Asia underwriting and operations director Verone Shek will become underwriting and operations integration manager, Financial Lines – Asia at Chubb. He will part of the team tasked with the growth of Asia’s small commercial business.
In the new role, Shek will report to Regional Head of Financial Lines – Asia Jamie Park.
The transfer of DUAL’s client portfolio renewal rights will take effect on 18 June of this year.
