Specialist underwriter DUAL has announced the acquisition of Swiss Re’s Genoa-based marine team to bolster its marine capabilities.
The acquired team has the authority to underwrite marine business for Swiss Re.
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DUAL did not disclose the financial terms of the transaction.
This acquisition is key for DUAL’s strategy to become a dominant force in the marine insurance market and the preferred partner for brokers.
It comes after DUAL established a new marine team in Rotterdam, the Netherlands, in October 2023.
The Rotterdam team was formed with the expertise of underwriters Aram Stoop and Pim de Pooter.
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By GlobalDataAs per the agreement, Swiss Re has committed to providing ongoing capacity to DUAL to facilitate a smooth transition.
Andrea Cupido, formerly Swiss Re’s head of marine hull for corporate solutions, will lead the DUAL Marine Europe team as executive chairman.
Meanwhile, Stoop will take on the role of managing director for DUAL Marine Europe.
DUAL Marine Europe offers international brokers a wide range of insurance solutions focusing on ocean and inland hull, builders risks, cargo and land-based equipment.
The company, which is the specialist underwriting arm of Howden Group, also plans to broaden and diversify the product offerings in the future.
DUAL Europe CEO Olaf Jonda added: “This acquisition is a key pillar in our growth strategy as well as further strengthening 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”.
In conjunction with this deal, Howden has launched a cargo war risk insurance facility, providing up to $50m in coverage per insured vessel.
