Dale Underwriting Partners, managed by Lloyd’s third party managing agency Asta, announced that its special purpose arrangement (SPA) has received approval from Lloyd’s. The SPA will reinsure a portfolio of contingency and specialty property business, underwritten into Dale Syndicate 1729 by a new team led by Tom Phillipson.
Syndicate 1729 will cede a proportion of the incremental business into the SPA. The planned gross premium of US$22 million in 2018 will be split 40 percent and 60 percent between Syndicate 1729 and the SPA.
Dale Underwriting Partners received “in principal” approval by the Lloyd’s Franchise Board to establish the SPA in July of this year.
“I am very pleased to confirm that our SPA will be part of our underwriting framework from 2018. The SPA structure is the ideal platform for this innovative and entrepreneurial team, and has great potential to increase underwriting profit and fee revenue for Syndicate 1729,” said Duncan Dale, chief executive of Dale Underwriting Partners.
“I am pleased that Asta could support Dale in its expansion plans, and we look forward to continuing to support the team as they move forward,” noted Julian Tighe, Asta CEO. “We are always excited to be part of the development of successful businesses, whether that is a syndicate, MGA or SPA.”
Dale Underwriting Partners’ Syndicate 1729 focuses on property reinsurance, property insurance and casualty and has a stamp capacity of £100 million ($131.9 million).
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