WELCOME TO DUAL ASIA PACIFIC Innovative solutions for complex insurances making relationships count
CONTENTS ABOUT US...03 OUR GLOBAL STRENGTH...04 OUR CAPACITY PROVIDERS...06 DUAL INTERNATIONAL PRODUCTS...07 HYPERION INSURANCE GROUP...08 DUAL ASIA PACIFIC PRODUCTS...09 WHAT WE DO...10 DUAL ASIA PACIFIC OVERVIEW...13 WHY WE RE DIFFERENT...14 OUR PARTNERSHIP PROMISE...16 INNOVATIVE SOLUTIONS FOR COMPLEX INSURANCES
ABOUT US DUAL Asia Pacific is a specialty lines underwriting agency focused on providing innovative insurance solutions to the mid market. Over the last 11 years we have grown from a start up to a USD 107 million GWP business with 60,000 policies. We ve consistently achieved high growth in all areas of our business, with a 22% CAGR on Premium, and 49% CAGR on Policy Count since inception, all of which has been purely organic. Established in 2004 with one office in Sydney, DUAL Asia Pacific now has offices in Brisbane, Melbourne, Perth, Auckland, Hong Kong and Singapore. We employ more than 125 people with 7 offices in 4 countries. Initially a Financial Lines business, over the last 5 years we have expanded our product offering to include Accident & Health, 22 % 32 % 49 % Commercial Property, General Liability and Marine. PREMIUM REVENUE POLICY COUNT COMPOUND ANNUAL GROWTH RATE COMPANY PROFILE // DUAL Asia Pacific // 03
OUR GLOBAL STRENGTH Formed in 1998, our parent company DUAL International is the world s largest international underwriting agency and Lloyd s largest international coverholder. DUAL International has 31 offices across Europe, Asia Pacific and the Americas, employing more than 400 people and servicing over 4,000 intermediaries in more than 100 countries. The Group distinguishes itself from other markets by combining a global distribution platform and access to capital and markets with local knowledge and expertise. This autonomy within its local offices has allowed it to achieve compound growth of over 46% since inception. In 2014, DUAL International had annualised GWP of USD 650 million, up 49% from 2013. This growth has been achieved through a combination of organic growth, and acquisitions including PGI Commercial and Aqua Underwriting. DUAL s capabilities and depth are reflected in the quality of its capacity providers, which include 31 insurers, reinsurers and Lloyd s Syndicates, across more than 100 binders. It is well positioned to maximise its trading relationships as its product diversity continues to expand. Los Angeles Further information about DUAL International can be found at dualinternational.com AMERICAS Toronto Chicago Annapolis Atalanta Naples New York Philadelphia Marlton Miami San Juan Buenos Aires 04 // COMPANY PROFILE // DUAL Asia Pacific
UK London x3 Bedford Manchester Norwich Helsinki Rotterdam Torun Warsaw Vienna Cologne Frankfurt Milan Madrid EUROPE MIDDLE EAST AND AFRICA Hong Kong Singapore ASIA PACIFIC Perth Melbourne Sydney Brisbane Auckland COMPANY PROFILE // DUAL Asia Pacific // 05
OUR CAPACITY PROVIDERS Some of our capacity providers include: 06 // COMPANY PROFILE // DUAL Asia Pacific
DUAL INTERNATIONAL PRODUCTS FINANCIAL LINES ACCIDENT & HEALTH MARINE & ENERGY OTHER LINES Professional Indemnity Personal Accident Marine & Energy All Lines Specialty Motor Directors & Officers Travel Marine Hull Agriculture Management Liability Dental Loss of Hire Public Officials Funds Directors Officers Death in Service Builders Risks Fine Art & Specie Employment Practice Liability E-VAC Emergency Special Risks Antiques & Collectables Pension Trustee Liability Rescue Cargo Environmental Impairment Public/Private Bond Medical & Fertility Travel Offshore & Subsea Equipment Surrogacy & Egg Donor Insurance Financial Institutions Bond Employee Benefits Upstream Energy Property Damage Risk Management (US) Investment Management Group Life Marine & Energy Liabilities Kidnap & Ransom Computer Crime Ebola Keyman Crime Airline Failure Terrorism M&A Rural Estates PROPERTY TREATY REINSURANCE LIABILITY LEGAL INDEMNITIES Commercial Real Estate Aerospace Transportation Liability Specific Risks Conveyancing Speciality Marine Contractor s Liability Conveyancing All Risks Flood Offshore Energy General Liability Executor & Inheritance Protection Offshore Energy/Property Cyber Liability Real Estate Warranties & Indemnities Terrorism Artisan Contractor Commercial Real Estate Insurance War & Political Risks Distressed Real Estate Assets Insurance M&A Note: Product offering varies by DUAL office COMPANY PROFILE // DUAL Asia Pacific // 07
HYPERION INSURANCE GROUP DUAL is part of the Hyperion Insurance Group. The Group was founded in 1994 and is headquartered in London. Hyperion is a true insurance intermediary group, with distinct broking and underwriting agency arms operating independently of one another. Hyperion s structure recognises and responds to the spectrum of client insurance needs, and has enabled the Group to grow significantly through hard and soft insurance markets and economic cycles. Hyperion s goal to become the leading international insurance intermediary group is driven by a focus on building a group with balance in its distribution model, geographic spread, products and services, delivering sustainable, profitable growth underpinned by strong organic and focussed inorganic growth. Hyperion has more than 121 offices in over 37 countries, employing over 3,000 people globally. To learn more about Hyperion go to hyperiongrp.com The Groups vision is to be an independent, innovative, courageous, dynamic, great company. It s mission is to achieve this by attracting the best people and empowering them to make Hyperion the insurance partner of choice for clients. 08 // COMPANY PROFILE // DUAL Asia Pacific
DUAL ASIA PACIFIC PRODUCTS LIABILITY ACCIDENT & HEALTH MARINE COMMERCIAL PROPERTY Association Liability Corporate Travel Commercial Hull Business Interruption Crime Protection Cyber & Privacy Protection Directors & Officers Liability Employers Liability Financial Institutions General Liability Information Technology Expatriate Medical & Emergency Evacuation Expenses Group Personal Accident Individual Personal Accident Journey Over 65 s Individual Personal Accident Marine Cargo Marine Liability Material Damage Management Liability Medical Malpractice Professional Indemnity Statutory Liability Sports Group Personal Accident Temporary Residents Voluntary Workers SEGMENT SOLUTIONS DUAL Evolution A modular package designed to address the management exposures of mid to large sized companies Mind the Gap A suite of business critical insurances for SME s Note: Product offering varies by DUAL office COMPANY PROFILE // DUAL Asia Pacific // 09
WHAT WE DO DUAL Asia Pacific is a specialty lines underwriting agency with product lines in Financial Lines, Accident and Health, Marine, Commercial Property and General Liability. WHAT SETS US APART? WE GROW markets not market share We identify underserviced or overcomplicated sectors of the insurance market, and using the expertise of our team of specialists, we create simple, innovative solutions for the mid market. This common thread across our product range ensures we re committed to ongoing product development and expansion. WE GIVE brokers what they want, rather than telling them what they need WE CREATE innovative solutions for traditionally complex insurances 10 // COMPANY PROFILE // DUAL Asia Pacific
WE GROW MARKETS NOT MARKET SHARE When we set out to build an underwriting agency 11 years ago, rather than just obtain a share of the market, we wanted to contribute to the industry by growing the overall insurance market and creating new revenue for our brokers. Our high growth has been achieved by taking complex products and adapting them to a new market of first time buyers. We re proud to have contributed to the growth in the overall insurance market with 70,000 first time buyers purchasing insurance from DUAL in the last 10 years. With Management Liability we took a complex product, Directors & Officers Liability, and adapted it to the small to medium enterprise market where at the time of entry it was estimated that less than 1% of businesses purchased. Take up is now estimated at approximately 15%, and there remains significant growth opportunities for the market and DUAL. WE GIVE BROKERS WHAT THEY WANT, RATHER THAN TELLING THEM WHAT THEY NEED We pride ourselves on listening to the needs of our intermediary partners and responding quickly with a solution that is both tailored to their requirements and superior in its delivery. In New Zealand we have recently launched Mind the Gap a modular suite of business critical insurances designed specifically to cater for small to medium businesses. Whilst the local market had developed Combined Liability packages, these policies didn t address the full gambit of exposures for SME s, meaning clients still needed to purchase additional stand alone policies. In consultation with it s brokers, DUAL developed a suite of Liability products including the largely uninsured exposures of Management Liability, Cyber and Corporate Travel, and provided brokers and clients with the flexibility to tailor the package to an individual clients needs and circumstances. Another example is Cyber where DUAL has pioneered the market in Australia with over 13,000 clients purchasing Cyber cover either through an extension to an existing policy held with DUAL, or a stand alone policy. In New Zealand and Asia the offering is still in its infancy however is also beginning to gain traction locally. COMPANY PROFILE // DUAL Asia Pacific // 11
WHAT WE DO WE CREATE INNOVATIVE SOLUTIONS FOR TRADITIONALLY COMPLEX INSURANCES We have a proven formula for success which ensures we always provide market leading solutions for our intermediary partners: Packaging multiple products into a seamless insurance solution;»» Developing simple underwriting rules to allow quotes to be easily offered to existing clients; Innovative and efficient delivery to make our intermediaries lives easier and maximise margins on mid market business; and Investment in education for our intermediaries to assist them in selling the solution to their clients. One such example is Management Liability where we took a complicated delivery process of 10 page proposal forms and manual underwriting, and through our online system ( WebRater ), we enabled brokers to provide instant quotations and policies to clients using 4 pieces of information which they already had on file for a general insurance client. Using this proven formula with Management Liability, the WebRater has now been developed to provide online solutions for SME businesses for Professional Indemnity, Information Technology, Association Liability, Cyber, Corporate Travel and Resource Liability. Since its commencement in 2010, the WebRater has generated over 200,000 quotes and bound over USD 86 million GWP, with more than 650 brokers and 500 Authorised Representatives regularly using the system. In Asia and New Zealand, we have also simplified the transaction of Cyber Insurance by creating an instant quotation (called our Offer ) which can be provided to small to medium enterprise. By removing the requirement for SME s to complete a proposal form and manual negotiations with underwriters on high volume, low premium business, these barriers to entry have now been removed. Quote & Bind in Under 2 Minutes Ordinarily Extraordinary 12 // COMPANY PROFILE // DUAL Asia Pacific
DUAL ASIA PACIFIC OVERVIEW Led by Damien Coates, DUAL Asia Pacific operates as a hub providing shared support services such as Finance and Risk & Compliance, so it s 7 offices can focus solely on the core functions of Underwriting and Claims. DUAL AUSTRALIA Established in 2004, DUAL Australia specialises in Accident and Health, Financial Lines, General Liability and Marine insurances. It is the largest independent underwriting agency, and Lloyd s largest coverholder, in Australia. The Australian business is a growing one with a 23% CAGR on Premium since commencement, in 2014/2015 they wrote USD 75.8 million (AUD 107 million) GWP. DUAL Australia is a true mid market business with 37,000 policies transacted with 900 brokers and over 500 Authorised Representatives. Led by General Manager Leo Abbruzzo, DUAL Australia has offices in Sydney, Melbourne, Perth and Brisbane and employs more than 90 people including 46 Underwriters and 8 Claims handlers. DUAL NEW ZEALAND Commencing in 2011, DUAL New Zealand is a specialty lines underwriting agency with product lines in Accident & Health, Commercial Property and Liability. In its four years DUAL New Zealand has built a USD 22million (NZD 35 million) business with 15,000 policies across more than 250 brokers. DUAL New Zealand is the largest underwriting agency, and one of the top five liability providers, in the local market. Led by Managing Director Andrew Beaton, the team of 26 people includes 13 specialist underwriters and 6 dedicated claims handlers. DUAL New Zealand underwrites exclusively on behalf of Lloyd s. DUAL ASIA Established in 2009, DUAL Asia operates as the exclusive Financial Lines arm of MSIG Insurance. As a well recognised and trusted brand in Asia, MSIG Insurance is one of the largest insurers in the world. The Asian business transacts USD 7.5 million (HKD 45 million and SGD 2.5 million) in GWP, across 2,000 policies. The distribution model in Asia is unique with business transacted with Brokers, Agents, Bancassurance Partners and MSIG offices across Asia. Led by Regional Managing Director Mark Spadaccini, DUAL Asia has offices in Hong Kong and Singapore and employs 8 people. COMPANY PROFILE // DUAL Asia Pacific // 13
WHY WE RE DIFFERENT What sets DUAL apart is our dynamic culture and the people that make up that culture. We attract the brightest and best people, with creativity and drive, and we harness these qualities to achieve both their individual and our businesses goals. From our Underwriting and Claims teams, to our IT and Finance department, our people are all experts in their field and they bring these skills to DUAL every day to make us the great company that we are. The passion, integrity and professionalism of our people is what makes DUAL an exceptional place. In 11 years of trading, 31 staff members have reached over 5 years service and been inducted into our 5 Year Club which is testament to the vibrant, dynamic culture we have at DUAL. We believe in giving back, not just as a corporate citizen but also our staff as individuals. Every year we support as many charity events as we can, and we re extremely proud to have raised over $200,000 for charity since we opened our doors. From a start up underwriting agency in 2004 to over USD 107 million GWP in 2015, we ve been able to achieve compound annual growth of over 22% every year which has been purely organic. We ve contributed to growing the overall insurance market with over 70,000 first time buyers purchasing insurance with DUAL over the last 11 years. We re the only Australian underwriting agency who have taken the success of our Australian business and expanded into both New Zealand and Asia. We remain committed to challenging existing market dynamics and constantly strive to bring innovation to the industry. 14 // COMPANY PROFILE // DUAL Asia Pacific
Our values are the mantras that we live by, and they remain as relevant today as they did when we opened our doors. UNDERWRITE FOR PROFIT CHANGE IS THE ONLY CONSTANT ENERGETIC AND FUN!! SERVICE IS THE ONLY SUSTAINABLE DIFFERENTIATOR HONEST AND RESPECTFUL COMMUNICATION Collaborative Bright Honest OUR PEOPLE Adaptable Fun Agile Innovative Responsive Empowered Entrepreneurial Courageous Ambitious COMPANY PROFILE // DUAL Asia Pacific // 15
OUR PARTNERSHIP PROMISE Whether it be mergers or acquisitions, team lifts or other strategic opportunities to partner with DUAL, we offer our partners a dynamic, collaborative and rewarding environment in which to work. We provide: ENTREPRENEURIAL SPIRIT Ambitious and driven people»»»» A dynamic and fast moving Group» Strong organic growth across all businesses» Significant acquisition activity and plans for the future Our business model facilitates innovation, and rapid expansion into new markets, and enables fast time-to-market for new products, all of which are always developed and executed with our clients in mind. INNOVATION Commitment to ongoing product expansion and development Continued investment in innovative delivery methods»» Investment in technology for cost efficiencies for our clients and our people Commitment to challenging historic market dynamics»» Creating simple solutions to traditionally complex insurances DUAL transacts over 30% of our policies through technology we ve developed which provides full policy life cycle services for brokers. Whilst service is the only sustainable differentiator, technology is the enabler. 16 // COMPANY PROFILE // DUAL Asia Pacific
Our infrastructure support enables entrepreneurialism and provides an environment where partners can challenge, and be challenged. INFRASTRUCTURE SUPPORT Compliance, claims and infrastructure management IT Finance, reporting to carriers and regulators Actuarial and technical underwriting support Regulatory oversight and controls Underwriting contract support services Turn-key underwriting capability GLOBAL STRENGTH World s largest international underwriting agency Lloyd s largest international cover holder»» Relationships with over 3,400 intermediaries including brokers, agents and Bancassurance Strong investment shareholder base that assist with building Hyperion s businesses Access to capital to continue the Group s growth strategy We have strong relationships with all of the major international insurance and reinsurance brokers. We re well positioned to maximise our trading relationships as our product diversity grows. COMPANY PROFILE // DUAL Asia Pacific // 17
making relationships count SYDNEY MELBOURNE PERTH BRISBANE www.dualaustralia.com.au Tel: 1300 769 772 DUAL Australia Pty Limited Part of the DUAL International Group Registered in Australia under ABN No. 16 107 553 257 AFS Licence No. 280193 AUCKLAND www.dualnewzealand.com.nz Tel: +64 09 973 0190 DUAL New Zealand Limited Part of the DUAL International Group Registered in New Zealand under Company Number 3232892 SINGAPORE HONG KONG www.dualasia.com Singapore: +65 6908 0558 Hong Kong: +852 2530 6804 DUAL Asia Part of the DUAL International Group DUAL Underwriting Agency (Hong Kong) Limited IARB number: 13974909 DUAL Underwriting Agency (Singapore) Pte Ltd GIA Regn. No. 004004-003