Chubb Buys Renewal Rights of DUAL Asia’s Financial Lines Portfolio

Chubb announced the completion of the agreement for the transfer of renewal rights of DUAL Asia’s financial lines portfolios in Hong Kong and Singapore.

Chubb will be purchasing the business assets including the intellectual property and underwriting models from DUAL in both Hong Kong and Singapore and intends to hire DUAL’s underwriting personnel. Established in 2009, DUAL Asia is a subsidiary of DUAL Group, the specialist underwriting arm of Howden Group.

Financial details of the deal were not disclosed. The parties intend the take over of DUAL’s client portfolio renewal rights to be effective from June 18, 2022.

Verone Shek, DUAL Asia’s Underwriting and Operations Director, will take on the role as Chubb’s underwriting and operations integration manager, Financial Lines – Asia, reporting to Jamie Park, regional head of Financial Lines – Asia.

This agreement further demonstrates Chubb’s commitment to expand its capability and enhance competitiveness in the small commercial marketplace, said the insurer in a statement.

“This is an exciting opportunity for us to accelerate our small commercial growth plans in Hong Kong and Singapore. 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,” commented Grant Cairns, Chubb’s regional head for Property & Casualty in Asia Pacific.

“We are pleased to have signed the transfer agreement with Chubb, a leading Financial Lines insurer in the Asia region,” said Damien Coates, CEO DUAL Asia Pacific.

“This will allow us to focus our efforts and resources on our core strengths and growth in additional regions. We will work closely with Chubb to ensure a seamless transition for all stakeholders involved,” Coates added.

Source: Chubb


Was this article valuable?

Here are more articles you may enjoy.

Interested in Mergers?

Get automatic alerts for this topic.

Source link