Under the deal, financial terms of which were not disclosed, the team has the authority to write marine business for Swiss Re going forward. Additionally, to ensure a seamless transition, the reinsurer will continue to provide capacity.
In its announcement, the MGA said: “The transaction supports DUAL’s ambitions to become a leading player in the marine market and the partner of choice for brokers, just six months after the launch of a new DUAL marine team in Rotterdam, Netherlands with the recruitment of an experienced team, Aram Stoop and Pim de Pooter.
Swiss Re’s former head of marine hull for corporate solutions Andrea Cupido will become executive chair of the marine Europe team at DUAL, while Stoop will take on the managing director position.
“It is exciting for me and the team to join DUAL, an international MGA with a strong heritage, solid reputation, and exciting growth ambitions,” Cupido commented. “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.”
DUAL Europe chief executive Olaf Jonda called the acquisition “a key pillar” in the MGA’s strategy that also boosts its relationship with the reinsurance giant.
“In 2023, we were pleased to welcome Aram Stoop and Pim De Pooter based in Rotterdam, and now, with these latest developments, DUAL Europe becomes one of the leading insurers in this space,” Jonda highlighted. “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, longstanding 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.
DUAL Group CEO Richard Clapham added: “Marine has long been a key sector in Europe and indeed worldwide. 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.”
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