Insurers DUAL North America and AXIS Capital Holdings Limited have expanded the capabilities of their guarantee program partners after their first year of operation in the market.
DUAL North America, the specialty underwriting arm of global Howden Group, said it is increasing its guarantee program capabilities to meet growing customer demand. The move comes after the company said it had enjoyed a successful first year in the guarantee business.
With this expansion, the single bond limit increases from $100 million to $150 million. The overall limit per principal has also increased, from the previous $200 million to $300 million.
“This expansion is a direct response to the success we have experienced over the past year,” said Brendan Keating, executive vice president of DUAL North America. “We hope to continue building a world-class warranty portfolio with AXIS as a partner, and the added resources coupled with the team’s expertise will enable us to achieve our goals.”
This guarantee program is supported by AXIS Insurance Company, a subsidiary of AXIS Capital Holdings Limited. AXIS is a global specialty insurance and reinsurance company. The plan is supported by AM Best’s “A” Financial Strength Rating and Standard & Poor’s “A+” Financial Strength Rating.
According to DUAL, the program offers a range of guaranteed products, including commercial bonds, contractual bonds and international bonds. These are supported by the company’s underwriting team, which works with brokers and clients to build solutions for projects requiring guaranteed coverage.
Mike McKenna, Head of North America at AXIS, added: “The decision to expand capacity in the surety space is a testament to the DUAL team’s ability to build this business while delivering best-in-class underwriting expertise. AXIS looks forward to continuing to find ways to expand our reach and innovate to serve customers in the surety market alongside our trusted partner DUAL.”
The increase in project capacity is part of DUAL’s wider strategy to develop its guarantee products while meeting demand from customers seeking larger guarantee limits for complex projects.
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