Brokers placing excess liability business through DUAL North America will now renew with AXIS Capital. The two companies announced a transfer of renewal rights on August 5, with a transition period expected to begin in the coming weeks.
DUAL is a specialty program administrator and the specialist underwriting arm of Howden Group. AXIS and DUAL said they will work together through the renewal process to limit service disruption for brokers and policyholders.
The transfer puts a larger balance sheet behind the same book of business for wholesale brokers in the lower middle market. AXIS' wholesale lower middle market unit targets companies with revenues up to $15 million and provides excess liability capacity of up to $5 million within the first $25 million excess of primary.
Excess liability rates rose by 15% or more on average through mid-2025, according to the 2026 RPS Casualty Market Report, as social inflation, nuclear verdicts, and sustained underwriting losses pushed carriers to restructure pricing and tighten limits.
John Kopach, executive vice president of DUAL Excess Liability, will join AXIS as head of wholesale lower middle market. He succeeds Britt Smith, who retired from AXIS in August, and will be based in the company's Atlanta office. He will report to Mike McKenna, head of North America.
McKenna described the move as adding a proven excess liability book to AXIS' casualty platform while formalizing an existing working relationship. "With this agreement, we are very excited to welcome John into the AXIS organization as head of our Wholesale Lower Middle Market unit," he said.
The lower middle market segment is a stated strategic priority for AXIS, identified in the company's 2025 SEC filings alongside US excess and surplus lines growth. In Q2 2026, gross premiums written in AXIS' insurance segment rose 15%, with the lower middle market unit among the contributing factors.
Ed Ashby, chief executive officer of DUAL North America, said the transaction positions DUAL to concentrate on casualty programs where it sees the strongest competitive advantage. "It positions DUAL to double down on the parts of our casualty business where we see the clearest path to lead, while giving this book a strong home to keep building on what's been achieved," he said.
DUAL North America processed more than $1.2 billion in gross written premium across all its programs in 2025, working with more than 30 carrier partners and distributing through a network of more than 7,000 brokers and agents. The excess liability book represents one segment of that broader portfolio.
AXIS Capital holds shareholders' equity of $6.5 billion as of June 30, and carries financial strength ratings of "A+" from Standard & Poor's and "A" from A.M. Best.
