Lloyd’s gives nod of approval to Dale Underwriting Partners SPA

Firm hopes to start underwriting business in 2018

Lloyd’s gives nod of approval to Dale Underwriting Partners SPA

Insurance News

By Bethan Moorcraft

Dale Underwriting Partners has been granted ‘in principle’ approval by the Lloyd’s Franchise Board to create a special purpose arrangement (SPA), which will support a portfolio of contingency and specialty property business.

The SPA will be led by Tom Phillipson, who will join Dale from Swiss Re in September. Dale Syndicate 1729 will yield a proportion of the incremental business into the SPA. The 2018 planned gross premium of US$22million will be split 40%/60% between S1729 and the SPA.

Duncan Dale, chief executive of Dale Underwriting Partners, said: “The SPA structure provides the ideal platform for this innovative and entrepreneurial team and is expected to be hugely positive for Syndicate 1729, both in terms of underwriting profit and fee revenue.”

Dale Underwriting Partners is managed by Lloyd’s third party managing agency Asta. Together they are trying to secure formal approval to start underwriting business from January 01, 2018.

“I’m pleased that Asta could support Dale in its expansion plans and we are always excited to be part of the development of successful businesses,” said Julian Tighe, CEO of Asta.


Related stories:
Dale Underwriting Partners launches new contingency and sports personal accident business
AXIS Capital launches Lloyd’s managing agency

 

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