Specialist underwriter DUAL has introduced the acquisition of Swiss Re’s Genoa-based marine workforce to bolster its marine capabilities.
The acquired workforce has the authority to underwrite marine enterprise for Swiss Re.
DUAL didn’t disclose the monetary phrases of the transaction.
This acquisition is vital for DUAL’s technique to grow to be a dominant power within the marine insurance coverage market and the popular accomplice for brokers.
It comes after DUAL established a brand new marine workforce in Rotterdam, the Netherlands, in October 2023.
The Rotterdam workforce was fashioned with the experience of underwriters Aram Stoop and Pim de Pooter.
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As per the settlement, Swiss Re has dedicated to offering ongoing capability to DUAL to facilitate a clean transition.
Andrea Cupido, previously Swiss Re’s head of marine hull for company options, will lead the DUAL Marine Europe workforce as government chairman.
In the meantime, Stoop will tackle the position of managing director for DUAL Marine Europe.
DUAL Marine Europe provides worldwide brokers a variety of insurance coverage options specializing in ocean and inland hull, builders dangers, cargo and land-based tools.
The corporate, which is the specialist underwriting arm of Howden Group, additionally plans to broaden and diversify the product choices sooner or later.
DUAL Europe CEO Olaf Jonda added: “This acquisition is a key pillar in our progress technique in addition to additional strengthening our long-term relationship with Swiss Re. In 2023, we have been happy to welcome Aram Stoop and Pim De Pooter based mostly in Rotterdam and now, with these newest developments, DUAL Europe turns into one of many main insurers on this house. With two marine groups in Italy and the Netherlands we’re strategically positioned to broaden our marine enterprise throughout each international locations and additional afield.
“Andrea and his workforce have a superb popularity, long-standing relationships and deep trade information and as a part of our folks first tradition, we’re proud that the entire Genoa workforce has chosen to affix DUAL Europe. We’re excited to have them on board at DUAL to construct a number one marine enterprise in shut collaboration with the workforce based mostly in Rotterdam”.
At the side of this deal, Howden has launched a cargo conflict danger insurance coverage facility, offering as much as $50m in protection per insured vessel.
