DUAL moves to become NZ's biggest specialty lines underwriting agency

DUAL moves to become NZ's biggest specialty lines underwriting agency | Insurance Business

DUAL moves to become NZ

DUAL is set to become the largest specialty lines underwriting agency in New Zealand by snapping up a controlling interest in fellow Lloyd’s coverholder International Underwriting Agencies (IUA).

“I am thrilled to announce the partnership of DUAL and IUA,” said Damien Coates (pictured), Asia-Pacific chief executive at DUAL, when the major acquisition was unveiled. “Under the leadership of Mike and Debbie Street, IUA has a history as the most respected underwriting agency in New Zealand.”

The two camps, which have a combined annual premium approaching NZ$60 million, will continue to operate independently in the meantime. The goal is to maintain the highest level of service amid the current uncertain environment brought about by the coronavirus pandemic. To minimise disruption, Coates said full integration including co-location will be delayed to later in the year.

Lifting the lid on the deal, the CEO noted: “IUA’s core expertise of property is a natural fit with the existing liability expertise we have established at DUAL after almost 10 years in the New Zealand market. The significant business synergies and cultural alignment which exist between DUAL and IUA will enable us to create a market-leading proposition for our broking and carrier partners.”

For directors Mike and Debbie Street, DUAL is “the logical partner” for IUA’s next phase as both share the same values of putting their people first and providing the highest possible level of service.

“Exceedingly proud” to have grown the business to more than NZ$30 million annual premium with the support of IUA staff and the broking community, the duo said in a joint statement: “We are extremely excited to leverage DUAL’s digital expertise and complementary product capability.

“Also having a global partner like the Hyperion Group was a natural fit for us with the career development opportunities for our team a major contributing factor in choosing DUAL.”

Financial details of the transaction were not disclosed.