Dale Partners Receives ‘In-Principle’ Approval to Launch Lloyd’s Managing Agency
Dale Partners Ltd., the London-based holding company of Dale Underwriting Partners (DUP), has been granted “in-principle” approval by Lloyd’s to form its own managing agency. The new entity, Dale Managing Agency Ltd., will now submit its regulatory business plan, seeking approval from UK regulators during 2022.
DUP, an independent, owner-managed underwriting business, began trading with effect from Jan. 1, 2014, with the creation of Lloyd’s Syndicate 1729. Since then, the business has grown significantly, and in 2021 DUP announced a new joint venture, Dale DUAL MGU Ltd., with capacity provided by Aviva for property insurance.
For seven years, Asta, the leading third-party managing agent, has supported DUP in the development and establishment of syndicate 1729 with a current year stamp capacity of £205 million ($283.4 million).
“I am thrilled to announce that Lloyd’s has granted Dale Partners ‘in-principle’ approval to set up our own managing agency,” commented Duncan Dale, chief executive officer of Dale Partners.
“This will be an extremely exciting stage in the development of our business and will fulfill our long-term desire to be independent and fully accountable for the strategy, underwriting, execution, and governance of our company,” he added. “We have thoroughly enjoyed working with Asta, and their continual guidance has been invaluable in helping us grow our business and the Dale brand into where it is today.”
Julian Tighe, CEO of Asta, said: “It has been wonderful to help Duncan and the team at Dale Partners to launch Syndicate 1729. We’re proud to have worked with them for many years and are delighted to have helped them on their journey to obtaining ‘in-principle’ approval for their own Lloyd’s managing agency.”
About Dale Underwriting Partners and Asta
Dale Underwriting Partners is an independent, owner-managed, Lloyd’s syndicate with market leading underwriting, claims and operational expertise. Syndicate 1729 focuses on property reinsurance, property insurance and casualty.
Asta Managing Agency Ltd. is the leading third-party managing agent at Lloyd’s and is responsible for 11 syndicates, three SPAs and three MGAs with capacity under management in 2021 of more than £1.4 billion ($1.9 billion).