DUAL, the underwriting arm of Hyperion Insurance Group, has announced the acquisition of a controlling interest in New Zealand specialty underwriting agency International Underwriting Agencies (IUA).
“In these challenging times I’m delighted that DUAL has completed only the fourth acquisition in its long history and to welcome the IUA team,” said Hyperion CEO David Howden.
“IUA brings more leading talent to the Group, which is even more vital today as we work hard to be part of the solution to the global crisis for our partners and clients.”
Richard Clapham, Group CEO of DUAL, also commented: “This is an excellent strategic acquisition for DUAL, bringing together NZ’s largest Lloyd’s coverholders with around £30m (NZ$60m) in premium.
“Importantly, there is a great cultural alignment between the two businesses as well as product synergies,” Clapham added. “Over the last 16 years, Asia Pacific CEO, Damien Coates has built a £115m (AUS$220m) premium business across the region purely on organic growth.”
“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.”
IUA Directors, Mike and Debbie Street, further stated: “We are so excited about this deal. We see DUAL and the wider Hyperion Group as a logical partner for our next phase, given our shared values of people first and providing the highest level of service possible for the New Zealand broking community.
