DUAL has appointed Gordon Steward (pictured) as managing director of forestry, which marks the company’s entry into the forestry line of business.
Steward assumed his role on June 01 and reports to Richard Clapham, CEO of DUAL Group, the underwriting arm of Howden Group Holdings. He will focus primarily on small, medium to medium-large forestry companies in several markets in the southern hemisphere, namely South Africa, Australia, Chile, Uruguay, Southeast Asia and New Zealand.
According to DUAL, typical clients include producers of timber/paper/pulp, pension funds, exotic wood investment and real estate investment funds. Common perils in the business are FLEXA (fire, lightning, explosion and aircraft), wind (non-accumulating zones) and sub-limited perils such as frost, hail, snow damage, debris removal, and firefighting costs.
“We are delighted to welcome Gordon Steward to DUAL,” said Clapham. “Forestry is a niche but increasingly important product that seeks to de-risk forest assets for investors and plantation owners. Gordon is a well-known market leader in forestry insurance and has unparalleled experience in this sector, making this a great fit for DUAL with our focus on underwriting expertise.”
Steward joined DUAL from White Oak Underwriting Agency, where he managed the forestry business. Throughout his 35-year career, he has worked in the Lloyd’s, UK retail and international markets, with roles at Weald Risk Partners, Castel, IGI, Catlin Syndicate 2003, Forest Re, Allianz Global and QBE.