Chubb has acquired the renewal rights of DUAL Asia’s financial lines portfolio in Hong Kong SAR and Singapore.
According to the firm, it will be purchasing business assets that include intellectual property and underwriting models from DUAL. The firm said it also intends to hire DUAL’s underwriting personnel.
Grant Cairns, regional head for property and casualty in Asia Pacific Chubb, said, “This is an exciting opportunity for us to accelerate our small commercial growth plans in Hong Kong and Singapore. In both maturing markets, small commercial owners have become increasingly aware of the importance of secure and stable professional and management liability coverage. We aspire to be the go-to insurer to deliver such coverage backed by our award-winning claims service.”
Verone Shek, underwriting and operations director for DUAL Asia, will take on the role as Chubb’s underwriting and operations integration manager, financial lines for Asia. She will report to Jamie Park, regional head of financial lines for Asia. The parties intend the take-over of DUAL’s client portfolio renewal rights to be effective from 18 June 2022.
Damien Coates, CEO of DUAL Asia Pacific, said, “We are pleased to have signed the transfer agreement with Chubb, a leading Financial Lines insurer in the Asia region. This will allow us to focus our efforts and resources on our core strengths and growth in additional regions. We will work closely with Chubb to ensure a seamless transition for all stakeholders involved.”
