DUAL, the underwriting arm of Hyperion Insurance Group, announced the acquisition of a controlling interest in New Zealand specialty underwriting agency International Underwriting Agencies (IUA).
“This is an excellent strategic acquisition for DUAL, bringing together NZ’s largest Lloyd’s coverholders with around £30 million (NZ$60 million) in premium,” said Richard Clapham, group CEO, DUAL.
Financial details of the transaction were not disclosed.
Over the past 16 years, DUAL’s Asia Pacific CEO Damien Coates has built a £115 million (US$142.4 million) premium business across the region, purely on organic growth, added Clapham.
“We have been operating in the New Zealand market for almost 10 years, and we’re looking forward to working with the IUA team to continue creating market-leading propositions for our broking and carrier partners,” he added.
DUAL opened offices in Australia in 2004 and New Zealand in 2011. The IUA deal is DUAL’s fourth acquisition since it was launched in London in 1998.
About DUAL and Hyperion
Hyperion, the employee-owned insurance group, comprises broking divisions Howden and RKH, underwriting division DUAL, and data analytics and digital delivery business, Hyperion X. Hyperion’s businesses operate across Europe, Asia, the Middle East, Latin America, the United States, Australia and New Zealand, employing over 5,000 people in 40 territories.
DUAL is the world’s largest international underwriting agency and Lloyd’s largest international coverholder.
Source: Hyperion and DUAL
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