Professional liability underwriting agency Dual International is opening an office in Sydney. Owned by London-based Hyperion Insurance, Dual says it will focus on the SME market initially with professional indemnity (PI), directors' and officers', employment practice and financial institution liability cover.

Dual International also operates in London, Madrid, Milan and Buenos Aires. CEO James Gerry said yesterday that clients and brokers require local underwriting knowledge and expertise and “[we] have met this demand through the establishment of a number of successful underwriting offices around the world”.

“The Australian professional liability market offers strong growth potential owing to the immense lack of penetration of business critical insurances into the SME segment, and the rationalisation that has taken place,” he said. “This has created a vacuum we intend to respond to.”

Former AIG PI specialist Damien Coates is the MD of the new Sydney office. He says Dual Australia anticipates writing $20 million in its first year of operation.