New business will focus on financial lines products

The DUAL Group, the underwriting arm of Hyperion Insurance Group, has announced the launch of DUAL Singapore in the second half of 2012.

The launch marks the next phase of DUAL’s Asian strategic partnership with MSIG Insurance, which began in 2009, in DUAL’s Hong Kong operation.

Like DUAL Hong Kong, this new operation will focus on the provision of financial lines products such as professional indemnity and directors’ and officers’ for mid-market companies, utilising MSIG’s distribution platform of brokers, agency, bancassurance as well as direct.

Mark Spadaccini, who is currently managing DUAL’s Western Australian operations, will move to Singapore in August to lead the new operation. DUAL Hong Kong manager Philip Chiu has led the group’s expansion into Singapore, and is responsible for DUAL’s strategic development in Asia.

DUAL International chief executive Damien Coates said: “I am very proud to be building on our relationship with MSIG, with whom we have worked hard to build our successful Hong Kong managing general agent. Singapore is an important market for the group, as the hub for many of the exciting emerging markets in South East Asia.

“The combination of MSIG’s strong distribution network and excellent reputation, and DUAL’s specialist product expertise, gives us an exceptional platform for growth. Mark, who has overseen the expansion of products and development of the DUAL Australia team in Perth, is ideally placed to lead DUAL Singapore.”

MSIG Singapore chief executive Paul Faulkner said: “By working with DUAL we are able to give our clients access to significant financial lines expertise and products. This brings a new dimension to the market, and we at MSIG are very much looking forward to working with DUAL in Singapore.”

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