Dual UK, an insurance underwriter, has announced the acquisition of managing general agent (MGA) International Passenger Protection (IPP).
The financial terms of the transaction were not disclosed.
The deal is set to enhance Dual UK’s presence in the travel financial failure insurance market.
IPP, established in 1990 and based in London, specialises in providing products that protect consumers against the insolvency of travel operators and related suppliers.
The acquisition is subject to regulatory approval in both the UK and Malta.
Dual UK is part of Dual, a subsidiary of Howden. It operates in 50 countries and employs 16,000 people, managing $38bn in premiums for clients.
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Dual UK CEO Simon McGinn said: “IPP is a pioneer in all the products they offer and is recognised as a leader in the travel sector. This acquisition adds a strong new product set to Dual’s UK portfolio, and positions us as the market leader in travel financial failure insurance.
“As we look at our growth plans, I also see this as a great opportunity to further build the IPP business as they collaborate with colleagues across Dual and the wider Howden business, providing them the opportunity to access Dual’s broker network and carrier partners. I am looking forward to welcoming all of the IPP team to Dual.”
IPP managing director Paul Mclean said: “We are looking forward to the next chapter for IPP in Dual. We can already see some of the great benefits of being part of one of the world’s leading MGAs and becoming part of the Howden family. Being part of a large organisation will give us access to a network of brokers and capacity to further grow our business.”
Last month, Dual Australia introduced its specialty lines business product, warranty and indemnity insurance, targeting sectors such as real estate, renewables, infrastructure, manufacturing and technology.
In July, Dual Europe partnered with VHV Allgemeine Versicherung, a German insurance provider specialising in the construction sector, to enhance its construction market offerings.
Earlier in the year, Dual Europe acquired the Genoa-based marine team from Swiss Re to strengthen its marine insurance capabilities.
