Genoa-based marine team acquisition gives MGA DUAL the mandate to underwrite marine business on behalf of Swiss Re as capacity provider.

DUAL has strengthened its marine capability in Europe with the acquisition of Swiss Re Corporate Solutions’ Genoa-based marine team with the authority to write marine business for Swiss Re going forward.

marine insurance, cargo

The transaction supports the ambitions of DUAL, the MGA arm of Howden Group, to become a leading player in the marine market.

It comes six months after the launch of a new DUAL marine team in Rotterdam, Netherlands, with the recruitment of Aram Stoop and Pim de Pooter.

Swiss Re will continue to provide capacity “ensuring a seamless transition”, Dual said.

Andrea Cupido, previously Swiss Re’s head of marine hull for its Corporate Solutions arm, will lead the DUAL marine Europe team as executive chairman.

DUAL said broker partners and insureds “would benefit from underwriting continuity, as well as claims handling with a strong technical focus and service”.

Aram Stoop will assume the role of managing director, DUAL marine Europe, which offers ocean and inland hull, builders risks, cargo and land-based equipment.

DUAL added that it has plans to further expand and diversify the product range.

The news came as Howden Group also announced a new cargo war risk facility for the Red Sea, a first of its kind broker facility within an active conflict zone, to protect ships and strengthen global supply chains.

“Marine has long been a key sector in Europe and indeed worldwide,” said Richard Clapham, CEO, DUAL Group.

“I am therefore delighted that we are creating another centre of underwriting excellence in DUAL by welcoming this team and significant portfolio of business from Swiss Re,” he said.

“This is an integral part of DUAL’s continued growth and expansion in Europe and this adds another key business line to the broad portfolio we can offer to our brokers and their clients. Andrea and his team bring market-leading expertise and I believe that this is a real testament to DUAL being seen as a natural home for the best underwriting talents in the market,” Clapham said.

Olaf Jonda, CEO, DUAL Europe, said: “This acquisition is a key pillar in our growth strategy and further strengthens our long-term relationship with Swiss Re. With two Marine teams in Italy and the Netherlands we are strategically positioned to expand our marine business across both countries and further afield.

“Andrea and his team have an excellent reputation, long standing relationships and deep industry knowledge and as part of our People first culture, we are proud that the whole Genoa team has chosen to join DUAL Europe. We are excited to have them on board at DUAL to build a leading marine business in close collaboration with the Team based in Rotterdam.”

Andrea Cupido, Executive chairman, DUAL marine Europe, added: “It is exciting for me and the team to join DUAL, an international MGA with a strong heritage, solid reputation and exciting growth ambitions.

“With 30 years of experience in the Marine insurance business, at leading insurance and reinsurance companies and brokers, I look very much forward to benefiting from DUAL’s entrepreneurial spirit, client-centric approach and broker network to better meet our evolving clients’ needs. I am delighted we will continue to be supported by Swiss Re and will be able to offer the competitive service and true expertise we have already shown to the market.”