Dale Underwriting Partners, operating as Lloyd’s Syndicate 1729, and K2 Insurance Services, an independent managing general agent (MGA) platform, have received ‘in principle’ approval from Lloyd’s to set up a new Special Purpose Arrangement, Syndicate 1954.
The new SPA will be managed by Dale Managing Agency and hosted by Dale Syndicate 1729. The arrangement is projected to write £80 million in gross written premium for 2026, with Dale retaining 40% of that amount.
The SPA’s portfolio will comprise property, specialty, and casualty programmes, developed using K2’s underwriting analytics and Dale’s risk standards. K2 is providing 20% of the underwriting capital for the SPA, and more than 50% of the gross portfolio is capitalised by funds aligned with both Dale and K2.
Ian Bridge (pictured above), active underwriter at Dale Underwriting Partners, said the SPA’s launch with K2 demonstrates a shared focus on underwriting discipline and long-term portfolio development. He described the initiative as a logical progression in the companies’ relationship and an example of their underwriting-first strategy.
The arrangement is expected to bring 100% incremental premium to Lloyd’s, including new products not currently available in the market. It will also utilise Lloyd’s global licences, allowing for broader distribution and product development in key markets.
The trend towards new syndicate launches is further illustrated by the upcoming transition of AdA Syndicate from a Special Purpose Arrangement to full Lloyd’s syndicate status in 2026. Under Probitas Managing Agency, AdA plans to expand its marine and specialty lines portfolio, building on its established underwriting and claims teams.
Read more: AdA to operate as Lloyd's Syndicate
It also comes amid a period of heightened activity for new syndicate formations at Lloyd’s. Earlier this year, Convex Group Limited also secured in-principle approval for Lloyd’s Syndicate 1984, which is set to underwrite £150 million in premium across a range of international insurance lines. The syndicate, managed by Asta, focuses on areas such as accident and health, casualty, and crisis management.
Similarly, The Fidelis Partnership and Blackstone have announced the launch of Syndicate 2126, which will write property, specialty, and bespoke lines. This syndicate utilises the Pine Walk MGA platform and reinsurance of existing group business, and is backed by a three-year capacity commitment from Blackstone.
