AXIS Capital announced on August 5 that it agreed to acquire the renewal rights to the Excess Liability business of DUAL North America, a program administrator that wrote more than $1.2 billion in premium last year. DUAL North America, part of DUAL Group, the specialist underwriting arm of Howden Group, transacted more than $1.2 billion in gross written premium in 2025 across its full lineup of 20-plus programs, backed by more than 30 carrier partners and distributed through a network of over 7,000 brokers and agents; the deal folds the excess liability piece of that business into AXIS' Wholesale Lower Middle Market unit under John Kopach, who built the business at DUAL and now reports to Mike McKenna, AXIS' Head of North America. The acquisition lands one week after AXIS reported second-quarter results showing net income available to common shareholders of $251 million, up 16% from a year earlier, and $498 million over the first half of 2026, up 24%, with book value per diluted common share of $80.67, up 14.7% over the past twelve months, and gross premiums written up 6% to $2.7 billion. Operating income fell 19% to $211 million in the quarter and underwriting income dropped 24% to $143 million even as the combined ratio held at 93.1%, while AXIS booked $6 million in reorganization expenses in the quarter and $29 million for the first half. AXIS and DUAL described weeks of work ahead to move brokers and policyholders over with limited interruption, and the unit's leadership is changing hands at the same time, with Kopach stepping into a role vacated by Britt Smith's retirement.
AXIS Capital Holdings LtdAXIS agreed to acquire DUAL North America's Excess Liability renewal rights, expanding its Wholesale Lower Middle Market unit.
Yulon Finance Corp
Axis Corporation