Dual Group is to acquire Florida-based specialty program manager in property and casualty marketplace PGI Commercial.
PGI Commercial, controls premiums approaching USD$200m and is one of the largest independent underwriting agencies in the United States.
The deal means that the combined DUAL and PGI business will have premiums exceeding USD$600m, with 24 offices in 12 countries, spanning five continents.
David Howden, CEO of Dual’s parent company, Hyperion said the acquisition will be a “great platform” for Dual to build its US and Latin American underwriting presence.
“The opportunity for the g roup in North America is significant, but it has always been vital to us that we only enter markets where we identify people with a similar energy and dynamism to Hyperion.”
Justin Tweedie, president of PGI, will become CEO of Dual’s operations in the Americas.
He said: “Joining Hyperion and becoming a part of Dual represents a major step in the development of PGI’s operations. We are now a part of one of the largest unaffiliated international underwriting agencies in the world, and this brings both resource and network benefits to our clients and employees. We were attracted by the ambition and sheer energy of Hyperion and believe that this new partnership will help fuel our growth.”
PGI started operations ten years ago and has since enjoyed focused growth and profitability based on quality underwriting in partnership with major US and international insurers. It has underwriting offices in California, Florida, Georgia, Maryland, New Jersey and New York. The business consists of specialty programs for both property and casualty classes and is written on an admitted and also an E&S basis.