DUAL UK expands construction capacity

Following significant investment in its Construction capability, DUAL UK today announces an increase in capacity; Project CAR / Renovation to £25+ million, backed by AXA XL, Great American International Insurance (UK) Ltd, and other A rated capacity partners.  

This enhanced capacity enables DUAL UK to move into the mid-corporate sector for project and renovation businesses, supporting its existing SME clients.

Further building on its market-leading portfolio, DUAL UK’s Annual Contractor's product will also see a capacity increase. This will enable DUAL to provide cover for businesses with a turnover of up to £50 million and with contract values up to £20 million. These expanded limits will enable DUAL to deliver tailored solutions to a broader range of clients, with an appetite now including terrorism protection. 

Simon McGinn, CEO, DUAL UK said: “Our ambition is to cement DUAL UK’s position as a leading MGA in the construction space, working closely with selected partners.

“Our specialist underwriting team’s flexibility and ability to offer our broker partners a competitive edge, helps positions us ahead of other MGAs in this market. Our record of balancing industry pressures including softening market conditions, against sustainable underwriting, makes DUAL well placed to adapt to changing conditions within the construction industry, ensuring long-term value for our partners and clients.”

DUAL UK’s Construction team is headed by Steve Kelly. With over 35 years of experience in the insurance industry, Steve brings extensive knowledge and technical expertise in the construction market having underwritten some of the largest construction risks across the EU. 

Steve Kelly, Managing Director of Construction, DUAL UK, said: “Increasing capacity for DUAL UK’s Construction Project and Annual product coverage marks a major step forward in our commitment to offering brokers comprehensive insurance solutions and an opportunity to work with a broader range of businesses within the construction industry.

“This expansion comes at a pivotal moment for the UK construction sector, which is forecast to grow throughout the remainder of this decade following a challenging couple of years. By increasing our capacity now, we’re helping clients navigate recovery and seize new opportunities with confidence.

“Our team is built on industry-leading expertise, with a clear and transparent risk appetite and robust training. In a competitive market where pricing remains stable and capacity is expanding, these qualities set us apart. They are a great platform upon which to support a wider range of businesses with greater flexibility and enhanced underwriting parameters.”

The UK construction sector has faced significant challenges over the past two years, with high insolvency rates among SMEs, falling demand, and persistent skills shortages. However, the expansion of DUAL’s capacity to support this sector comes at a time when the outlook is improving: inflation has stabilised, insolvencies are at their lowest since 2020, and interest rate cuts are expected to boost lending. Government initiatives, including planning reform, housing targets, and investment in skills, are also set to support growth, with construction output forecast to rise by 1.6% in 2025 and average 2.1% annually through 2029, according to the Construction Industry Training Board’s Outlook report.

Alastair Baker, Head of International Construction, UK & Lloyd’s, AXA XL, said: “We are delighted to be expanding our relationship with DUAL UK, providing them with additional capacity to service a broader range of clients. They are already a well-respected partner in this space, and we know that their current and future clients will benefit from their expanded presence and increased expertise.”

Alec McFarlane, Head of Construction & Engineering at Great American International Insurance (UK) Limited, commented, “The underwriting team at DUAL has extensive experience in the construction sector. We are excited to help meet their capacity needs and to further build on our very positive relationship.”