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Dual, the underwriting arm of Hyperion Insurance Group, has entered the Central and Eastern European (CEE) market with the launch of a new operation, Dual Polska.
This follows the acquisition of the majority stake of Polish insurance specialist, Data Connect Direct (DCD).
The acquisition will give Dual direct access to the CEE market, whilst providing DCD with the ability to further diversify its product range and grow its business, said Dual.
In addition to strengthening existing business lines, Dual Polska plans to launch a range of new affinity and personal lines schemes, offering products including accident and health, title and travel insurance. It will also diversify into other Dual lines.
Jaroslaw Szwankowski, a former chief executive officer (CEO) of one of the first coverholders in Poland and vice president of AIG Polska, will join the company.
Shane Doyle, CEO of Dual International, said: “The launch of this first CEE operation is a strategically important move for DUAL as it sets the foundations for us to strengthen our links with, and offering to, this important market.
“With steeper market growth rates and significantly lower insurance density than in Western Europe, the CEE region presents a real opportunity for long-term growth. Dual’s strategy of delivering the right products to the right people hinges on attracting local experts in key markets, so I’m thrilled to welcome Tomasz and his team to the group.”
Tomasz Bilinski, managing director of DCD, said: “I am extremely pleased that DUAL shares our belief in the significant growth potential of DCD, potential that will only be enhanced together. We are excited by the range of new possibilities that are opened up to us by becoming part of a leading international insurance group.
“With access to DUAL’s infrastructure and technology, we will have the ability to accelerate our growth with an offering that is ahead of others in the local market.”