The Christmas period is always a time for reflection of the year just passed and what better way to reflect on the success of our US business in the last year than a trip to New York! We have been very busy building our US business over the last 12 months and although the marketplace is still entrenched with traditional title insurers, we have been making steady progress and wanted to share some highlights of our recent breakthroughs.
To provide some background, it is worth pointing out that DUAL Asset are not currently providing direct title insurance for real estate assets in the United States. What we do provide however, is a friendly reinsurance facility to the smaller US title insurers that enables them to compete with the current largest two monoline title insurers - First American and Fidelity. Our reinsurance facility allows our smaller US partners to write larger commercial transactions in what is currently a monopolised market worth $15bn per annum! Furthermore, our expertise in providing cover for known specific risks is changing the mind-set of an industry that is reluctant to provide cover for known specific issues.
In addition, we have introduced our hugely successful Title to Shares product into the US Market. Sitting behind a traditional Reps and Warranty insurance or ground-up on selective deals, this policy enables a buyer to increase the fundamental warranty coverage, up to the full enterprise value. This product has seen interest from the usual PE and Real Estate companies, who have historically been buyers of the product in Europe. We have issued three policies to date totalling $3.4m GWP with another two to sign this month. Whilst achieving this, the DUAL Asset team have been clocking up the air miles over the last few months building new relationships in the key US hubs of Chicago and New York, as well as extending our key European relationships with our brokers into their US counterparts. We have met some fantastic people and look forward to continue working with these clients in the year to come, in what is going to be a very exciting and busy time.
Of course, in true DUAL Asset fashion, we have found the time to introduce our new US friends to DUAL Asset hospitality and recently hosted a holiday party in New York at the legendary 21 Club for around 80 guests. The trips can be long and tiring, but with a bit of New York shopping, Christmas Ice Skating at the Rockefeller centre and lunch with U2 frontman Bono (ok sitting on an adjoining table), we are able to come home smiling!
We are so excited about the potential growth of our US marketplace, both for reinsurance of traditional title products and our new Title to Shares offering. Whether you are an existing client or an interested reader, come and talk to the team about how we can work with you over there.