View this article online: https://www.insurancejournal.com/news/international/2015/07/01/373634.htm
DUAL Group, the underwriting arm of Hyperion Insurance Group, announced its launch into Central and Eastern Europe (CEE), following the acquisition of the majority stake of Toruń, Poland-headquartered insurance specialist, Data Connect Direct (DCD).
This acquisition, which creates DUAL Polska, will give DUAL direct access to the CEE market, complementing its existing European operations, while providing DCD with the ability to further diversify its product range and grow its business, the company said.
Shane Doyle, CEO of DUAL International, commented: “The launch of this first CEE operation is a strategically important move for DUAL as it sets the foundations for us to strengthen our links with, and offering to, this important market. With steeper market growth rates and significantly lower insurance density than in Western Europe, the CEE region presents a real opportunity for long-term growth. DUAL’s strategy of delivering the right products to the right people hinges on attracting local experts in key markets….”
Tomasz Bilinski, managing director of DCD, said “I am extremely pleased that DUAL shares our belief in the significant growth potential of DCD, potential that will only be enhanced together. We are excited by the range of new possibilities that are opened up to us by becoming part of a leading international insurance group. With access to DUAL’s infrastructure and technology, we will have the ability to accelerate our growth with an offering that is ahead of others in the local market.”
In line with its growth plans, the company has appointed Jaroslaw Szwankowski, a well-known figure in the Polish insurance market “who will bring invaluable experience from his roles as CEO of one of the first coverholders in Poland and as vice president of AIG Polska,” said Bilinski.
In addition to strengthening existing business lines, DUAL Polska plans to launch a range of new affinity and personal lines schemes, offering products including accident and health, title and travel insurance. It also plans additional diversification into other DUAL lines, giving Polish market access to the rest of its portfolio.
Source: DUAL Group