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DUAL Sells Asia Business Assets to Chubb

31/03/2022

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Over the last 13 years DUAL Asia has grown organically into a respected Financial Lines specialist, employing staff in both Hong Kong and Singapore. Our goal has always been to provide the best solutions to our clients in the SME market, whilst providing profitable underwriting results for our insurer partners, which we are proud to have accomplished year on year.

However, as the Managing General Agency model remains unrecognised throughout the majority of Asia, we have made the decision to find a new home for our Financial Lines and Cyber portfolio.

Whilst DUAL is naturally disappointed to be exiting Financial Lines and Cyber in Asia, we have made arrangements that we consider to be in the best interests of our employees, intermediaries, and policyholders and which will ensure continued expansion of this business into the future.

To that end we are delighted to announce that we have selected Chubb as the preferred partner for our Financial Lines and Cyber portfolio given its strong Financial Lines and Cyber expertise, cultural alignment, and strategic ties to Howden Group. Chubb has purchased DUAL Asia’s business assets including relevant intellectual property in the form of policy records, wordings and underwriting models. As such, intermediaries will be contacted in due course with renewal invitations from either Chubb or MSIG as appropriate.

Verone Shek, DUAL Asia Underwriting and Operations Director, has accepted a newly created role with Chubb as Underwriting and Operations Integration Manager, Financial Lines - Asia, responsible for the continued growth of SME business within the region.

After 14 years with the DUAL Group, Mark Spadaccini, DUAL Asia Managing Director, has chosen to take a well- deserved career break following the successful transition of our business to Chubb.

We thank MSIG for its support over the last 13 years and look forward to continuing to operate as its agent under our current arrangements until 17 June 2022. We also look forward to working with MSIG in jointly developing a plan to manage the claims and run-off of the policies underwritten on behalf of MSIG.

The DUAL Group globally remains committed to the Asia region and will continue to look for opportunities to promote business lines where we see opportunities for growth and value for our clients.

Throughout this transition our clients and people remain our top priority. It is important to us that our clients and brokers continue to benefit from consistent underwriting and claims services, and our people benefit from joining the leading Financial Lines provider in their markets.

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