The new D&O insurance offering will underwrite in the Public Company D&O space on an excess basis with a particular focus on Fortune 1000 business. The product will offer up to $10 million limits on behalf of carrier partner Accredited, a subsidiary of Randall & Quilter Investment Holdings Ltd. The group will write traditional ABC (full excess coverage), as well as Side A only business (non-indemnifiable loss only for directors and officers).
Dennis Kearns, the current leader of the Transactional Liability Insurance program, will be President of the new DUAL Transaction Solutions. Pat Darragh will be an Executive Vice President in the new group, assuming a leadership role within the Public D&O offering, while maintaining his current leadership role in Transactional Liability. Dan Simnowitz will also be an Executive Vice President in the new group, continuing with his current leadership responsibilities for the Transactional Liability insurance offering in the group.
Kearns said: “We are delighted to be adding Public D&O to our growing suite of insurance solutions under the newly formed DUAL Transaction Solutions. To be partnered with a market leader such as Accredited in offering Public D&O insurance at a time when there is a recognized need for new capacity and creative insurance solutions in this space is particularly pleasing. Similar to the Transactional Liability launch, DUAL is bringing a veteran team of underwriters who will make an immediate impact. I am thrilled that we will have the added benefit of a recognized market leader in Pat Darragh assuming a leadership role in the Public D&O offering, as this will only further ensure that we execute on our clear and defined approach to underwriting with the keen insight needed for success.”
Jim O’Connor, CEO, DUAL North America said: “Our new Public D&O offering is the perfect solution to what the market is looking for: new key players and the right capacity. Dennis is a proven leader in the financial lines space, and he has assembled a veteran team of experienced underwriters that will deliver creativity and excellence to our customers. DUAL is committed to continuing to build robust financial services product offerings, positioning us as an industry leader in this space.”
Dawn H. Puro, Chief Underwriting Officer, SVP Casualty for Accredited said: “In these uncertain times, as the current D&O marketplace struggles to maintain existing capacity, Accredited is proud to announce our partnership with the DUAL Transaction Solutions team, who bring thought leadership, brand recognition, geographic reach, and leading talent in the Public D&O sector to provide solutions for the current market demand.”
Patrick Rastiello, President & CEO for Accredited America said: “We are excited to announce today’s partnership with DUAL on Dennis Kearns’ Excess Public D&O program. Mr. Kearns has brought together a very talented underwriting team who have a deep understanding of the market and the complexity of the D&O line of business. We are proud to support this team. We expect our relationship with DUAL to span many years and other lines of business as we grow our strategic relationship.”
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