Howden’s DUAL Acquires Swiss Re’s Marine Team to Support Growth Ambitions

DUAL, the specialist underwriting arm of Howden Group Holdings, announced it has significantly strengthened its marine capability in Europe with the acquisition of Swiss Re’s Genoa, Italy-based Marine team with the authority to write marine business for Swiss Re going forward.

The transaction supports DUAL’s ambitions to become a leading player in the marine market, just six months after the launch of a new DUAL Marine team in Rotterdam, Netherlands, with the recruitment of an experienced team, Aram Stoop and Pim de Pooter, DUAL said.

Swiss Re will continue to provide capacity to ensure a seamless transition. Financial details of the deal were not disclosed.

Andrea Cupido, previously Swiss Re’s head of Marine Hull for Corporate Solutions, will lead the DUAL Marine Europe team as executive chairman, so that broker partners and insureds can benefit from underwriting continuity, as well as claims handling with a strong technical focus and service. Aram Stoop will assume the role of managing director, DUAL Marine Europe.

DUAL Marine Europe offers the international broker market access to a comprehensive suite of marine solutions predominantly in ocean and inland hull, builders risks, cargo and land-based equipment, with plans to further expand and diversify the product range.

“Marine has long been a key sector in Europe and indeed worldwide. I am therefore delighted that we are creating another centre of underwriting excellence in DUAL by welcoming this team and significant portfolio of business from Swiss Re,” commented Richard Clapham, CEO, DUAL Group.

“This is an integral part of DUAL’s continued growth and expansion in Europe, and this adds another key business line to the broad portfolio we can offer to our brokers and their clients,” he added.

“This acquisition is a key pillar in our growth strategy and further strengthens our long-term relationship with Swiss Re,” said Olaf Jonda, CEO, DUAL Europe.

“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,” Jonda continued.

“With two Marine teams in Italy and the Netherlands, we are strategically positioned to expand our marine business across both countries and further afield,” he said.

DUAL Group is one of the world’s largest international underwriting agencies with US$3.5 billion of gross written premiums. Established in 1998, DUAL now employs more than 1,700 people in 21 countries across the Americas, Europe and Asia Pacific, and is one of Lloyd’s’ largest international coverholders. DUAL Europe operates from 17 locations in 13 countries.

Source: DUAL Group

Topics Mergers & Acquisitions