In 2013, we started DUAL Asset Underwriting with a simple, but audacious goal. By now, we wanted to be the most international asset insurer, with the broadest level of coverage.
We came to the end of that initial 3 year business plan at the end of September.
During this period, we have insured over £70billion worth of real estate, mortgage and inherited assets, spread across 24 countries around the world. In our third financial year alone, we wrote £17.2million of premium!
As you can imagine, with the team that we have at DUAL, we are not ones to sit back and rest on this success. In the last 2 months, our team have been with our customers in the UK, India, US, Germany, Sweden, Spain, Italy, Kenya, Poland, Czech Republic and Romania! Please do not hesitate to call us if you need assistance on a property, share or probate transaction anywhere in the world.
It has been a hugely successful 3 years and I have just picked out a few of the key highlights below.
A massive thank you has to go to our business partners at Hyperion, XL Catlin, Fidelis, Elite and RSA for all their support - and most of all to our brilliant insurance brokers, lawyers and customers - we certainly couldn't have done it without you!
We look forward to more fun and games with you over the coming years.
The DUAL Asset team
Share Ownership Insurance
With more and more property deals now being transacted through a share purchase, the ownership and title of shares is just as important as the title to the property. We are the first insurer to combine a property ownership insurance with a share ownership insurance. This can work as a standalone product or as a hybrid product with a warranty & indemnity insurance.
We waited 2 years to look closely at residential property risks, because we wanted to introduce something of real value for brokers and conveyancers and not just launch the same old online purchasing site. Over the next few years, consumer and micro SME regulation will demand that consumers understand options around insurance. Legal defence cost variants, the option to have an excess and pay less and the option to insure their lender and not themselves will become easy choices. Tied agency, single insurer solutions will become as "current" as self-issue packs...
We launched my-legal-indemnity-shop.com in England & Wales earlier this year to provide exactly this solution – a choice of 3 insurers online with different coverage options makes the purchase of legal indemnity insurance a much easier, compliant and attractive solution. Northern Ireland will be launching this month, Scotland in January and then commercial to follow shortly after.
The DUAL team has worked with the Indian market since 2005 to try and introduce Title Insurance there. India is now ready! The Real Estate Bill 2016 introduces it, the regulator and insurers are nearly there and REIT legislation is on the way. Please get in touch if you act for any investors looking at the Indian property market.
The Title Insurance industry was born in California in the 1880s and has been dominated by three major players. DUAL is now shaking up the norm, bringing financially strong, rated reinsurance capacity to this market, whilst delivering innovative underwriting solutions for property investors.