What's Happening?
United Risk, a managing general agency, has announced an agreement to acquire DUAL North America's crisis management program, including its underwriting and claims teams. The acquired unit will be rebranded
as First Product Protection and will operate as an independent division of United Risk, based in New York. This acquisition will enhance United Risk's portfolio by adding product recall and contaminated products to its offerings. Key leadership roles at First Product Protection will be assumed by Hayden Smith, CEO of United Risk, along with Mark LeBlanc and Robley Moor, the founders of the program. The acquisition aims to strengthen United Risk's business ties with Lloyd's and diversify its business lines, which include sectors such as food and beverage, transportation, and consumer electronics.
Why It's Important?
The acquisition is significant as it allows United Risk to diversify its business offerings and strengthen its market position. By integrating DUAL's crisis management program, United Risk can offer more comprehensive services to its clients, particularly in high-risk sectors like food and beverage and transportation. This move also aligns with United Risk's strategy to enhance its relationships with key industry players like Lloyd's, potentially leading to increased business opportunities and market share. For DUAL North America, the sale allows the company to focus on its core growth areas, such as commercial property and casualty insurance, which could lead to more specialized and efficient operations.
What's Next?
Following the acquisition, United Risk is expected to integrate the new division into its existing operations, potentially leading to new product offerings and expanded services for its clients. The leadership team at First Product Protection will likely focus on leveraging their expertise in crisis management to develop innovative solutions for product recall and contamination issues. Meanwhile, DUAL North America will concentrate on expanding its presence in commercial property and casualty markets, which may involve strategic partnerships or further acquisitions to bolster its capabilities.
