DUAL Italia acquires Synkronos Italia
DUAL, the underwriting arm of the Hyperion Insurance Group, announces the completion of DUAL Italia’s acquisition of Synkronos Italia S.r.l (“Synkronos”). Synkronos is the second largest underwriting agency, and this acquisition strengthens DUAL Italia’s leadership as the largest MGA based on revenues. The acquisition will extend DUAL Italia’s offering as well as enhance service in terms of know-how, products and insurance capacity.
Synkronos was founded in 2009 as a joint venture of Munich Re and Reale Group, who will continue to provide insurance capacity in Engineering, Fine Art and Employee Benefit lines.
Richard Clapham, CEO, DUAL UK and Europe, commented: “This acquisition reinforces DUAL Italia’s market-leading position while enhancing the breadth and strength of our specialised off-the-shelf and tailor-made solutions for clients.”
Maurizio Ghilosso, CEO, DUAL Italia, said: “This acquisition diversifies our portfolio offering underpinned by the guarantee of strong capacity. In Synkronos we see the same qualities that differentiate DUAL Italia in the market: a strong team offering best-in-class expertise in underwriting and claims management.”
Andreas Moser, CEO of Munich Re, Italia, added: “We are very pleased about this new partnership with Dual Italia and Reale Group which confirms our position as a local centre of excellence for speciality lines. We have always viewed Synkronos as an outstanding insurance boutique, offering attractive and tailor-made insurance solutions and services to the market. Dual Italia is the ideal partner to reinforce Synkronos’ unique proposition.”
Andrea Bertalot, Deputy General Manager at Reale Mutua said: “For Reale Group this transaction is more than just a sale. We will continue to support the project launched in 2009 providing DUAL Italia with the same Engineering, Fine Arts and Benefits insurance capacity. Our agents will keep on working to enrich the range of cover available to their customers and develop new business opportunities in the areas in which Synkronos operates, in order to offer a valuable service to the Italian market in terms of know-how, products and capacity”.