Dale Underwriting Partners has successfully completed its transaction with CVC following the necessary approvals from the Prudential Regulation Authority (PRA) and Lloyd's for the strategic partnership, initially announced in September.
The partnership with CVC, which manages assets worth €177 billion, involves an investment from CVC funds into Dale to facilitate business growth. This investment will lead to CVC funds acquiring a majority stake in Dale Underwriting Partners.
In line with this partnership, a new group board will be established, featuring Preben Prebensen as the independent non-executive chair.
“We are delighted to receive regulatory approval before the end of the year and look forward to executing our plans. Dale now enters its 10-year anniversary, and we look ahead to developing our partnership with CVC and continuing to build a leading Lloyd’s business,” Dale founder and chief executive Duncan Dale said.
“We are very pleased to receive approval and look forward to supporting Dale with CVC funds’ capital and our experience to help them grow and develop further,” CVC managing director Martin Iacoponi said.
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