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Company gets green light to set up managing agency

Company gets green light to set up managing agency | Insurance Business UK

Company gets green light to set up managing agency

It’s a big day for Dale Partners Limited, the holding company of Dale Underwriting Partners (DUP), as it has been granted ‘in-principle’ approval by Lloyd’s to form its own managing agency. The new entity, Dale Managing Agency Limited, will now submit its regulatory business plan, seeking approval from the PRA and FCA during 2022.

Since DUP first began trading with effect from 1 January 2014 with the creation of Lloyd’s Syndicate 1729, the business has grown significantly. In 2021 the independent, owner-managed underwriting firm announced a new joint venture, Dale DUAL MGU Limited, with capacity provided by Aviva for property insurance. The third-party managing agent Asta has supported DUP for seven years in the development and establishment of syndicate 1729 with a current year stamp capacity of £205 million.

Duncan Dale, CEO of Dale Partners, said he is thrilled to announce that Lloyd’s has granted Dale Partners ‘in-principle’ approval to set up this managing agency.

“This will be an extremely exciting stage in the development of our business,” he said, “and will fulfil our long-term desire to be independent and fully accountable for the strategy, underwriting, execution, and governance of our company. 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.”

Read more: Davies swoops for Asta

Meanwhile, Julian Tighe CEO of Asta, said that it has been wonderful to help Dale and the Dale Partners team to launch Syndicate 1729. He added the Asta team is proud to have worked with the Dale Partners team for many years and to have helped them on their journey to obtaining this ‘in-principle’ approval for forming their own Lloyd’s managing agency.