Dual International has opened an office in Auckland after poaching three top executives from QBE’s corporate and specialist risks division in NZ.

The former GM of the QBE division in Auckland, Craig Anderson, will run Dual’s new office. Joining him are Martin Stroud and Paula Harris.

Dual’s new Auckland office will be writing both liability and financial products on behalf of Lloyd’s syndicates.

MD Asia Pacific Damien Coates says the company always tries to find a local team to start business in new countries, and NZ is no exception.

“The liability market in NZ is worth about $500 million a year, and it’s dominated by only two or three insurers,” he told insuranceNEWS.com.au.

“Companies moving into this part of the world tend to look to Australia for scale and Asia for business. We see NZ as a growing market with limited competition.”

Mr Coates says the Lloyd’s coverholder model is relatively undeveloped in NZ, and he expects Dual will become the largest coverholder in the market.