DUAL Corporate Risks Adds More D&O Capacity from Aspen, Pembroke

London-based specialist underwriting agency DUAL Corporate Risks announced that it has entered into a strategic partnership with Aspen Managing Agency Limited (Syndicate 4711) and Pembroke Managing Agency Limited (Syndicate 4000) to provide additional capacity for directors’ & officers’ liability.

DUAL said “the two syndicates add to the existing capacity provided by Hiscox Underwriting Limited (Syndicate 3624). Together, the three syndicates provide DUAL Corporate Risks with £10 million [$15.6 million] of excess capacity in D&O, including employment practices liability, pension trustees liability and corporate liability. This additional capacity will be used in conjunction with DUAL Corporate Risks’ existing Arch/Hiscox facility on an excess, coinsurance or standalone basis.”

The bulletin explained that the additional capacity “also allows DUAL to providing underwriting for clients domiciled worldwide with several additional territories which are excluded under the existing Arch/Hiscox binder. These territories are Argentina, Belize, Brazil, Cape Verde Islands, French Polynesia and Honduras.

“The additional scope of coverage available under the new arrangement also allows DUAL to underwrite a broader range of risks including those associated with publicly traded hi-tech organizations such as those in pharmaceuticals, biotech and telecommunications with a full limit of £10m/$10m/€10m which was previously limited to £3m/$3m/€3m [$4.68 million]. DUAL can also underwrite companies with US assets up to 35 percent of total assets, compared with a previous cap of 25 percent.”

DUAL’s Executive Chairman Russell Kilpatrick commented: “This additional capacity represents a fantastic opportunity for us to further our dominance of the mid-market sector and will enable Jeremy and his team to profitably grow our Management Liability program whilst maintaining our tradition of providing our clients with access to quality capacity.”

Jeremy Isaacs, Underwriting Manager for directors’ and officers’ liability at DUAL, added: “These are exciting times at DUAL. With our new management liability product and the additional capacity now in place we will continue to grow both regionally and internationally.”

This is the latest in a number of new initiatives from DUAL, which “includes the appointment of Paul Russell as director and senior underwriter of financial lines, the creation of a financial lines division in London and the launch of a new management liability product wording.”

DUAL Corporate Risks is the UK operation of DUAL International. It was established in 1998, as the international specialist underwriting arm of the Hyperion Insurance Group, “focused on underwriting business critical risks including D&O, Professional Liability, Employment Practice Liability, Computer Crime and Fraud.

“DUAL International has become a well-established and respected leading underwriter with annual gross premiums of US$150 million and now employs over 120 people in the UK, Spain, Germany, Italy, Australia, Hong Kong, the Caribbean and the Americas.”

Source: DUAL Corporate Risks

Topics Underwriting