K2 and Dale Get ‘In Principle’ Nod From Lloyd’s to Launch Syndicate 1954

Dale Underwriting Partners, the trading name for Dale Managing Agency Ltd.’s Lloyd’s Syndicate 1729, and K2 Insurance Services, an independent MGA platform, have received “in principle” approval from Lloyd’s to launch Syndicate 1954.

Operating as a special purpose arrangement (SPA), the syndicate will be managed by Dale Managing Agency Ltd. and hosted by Dale Syndicate 1729. It is expected to write £80 million of gross written premium in 2026, with 40% retained by Dale.

With K2 providing 20% of the underwriting capital of the SPA, over 50% of the gross portfolio is capitalized by funds aligned to Dale and K2, reinforcing the partnership’s stability and long-term intent. The portfolio includes property, specialty, and casualty programs, and leverages K2’s advanced underwriting analytics and Dale’s underwriting standards and risk appetite.

The SPA introduces 100% incremental premium to Lloyd’s, including new products not currently available in the market. The arrangement also leverages Lloyd’s global licenses, enabling broader distribution and product innovation across key territories.

“The launch of this SPA in partnership with K2 reflects a shared commitment to underwriting discipline and long-term portfolio development,” said Ian Bridge, active underwriter, Dale Underwriting Partners, in a statement.

“This SPA reflects our broader ambitions to build high-quality partnerships that combine underwriting discipline with aligned and efficient capital,” according to Duncan Dale, chief executive, Dale Underwriting Partners. “It also highlights our structuring and capital management capabilities which are central to how we will look to scale our business.

“Lloyd’s represents the ideal platform and environment for K2 to deploy our own risk capital alongside our market-leading underwriting,” said Parth Patel, CUO of K2 International. “It allows us to further strengthen alignment with our capacity partners both longstanding and new and reinforces our commitment to sustainable, performance-driven growth.”

Bob Kimmel, K2 Group CEO, added: “This partnership with Dale marks a significant strategic milestone in K2’s evolution, and ‘in-principle’ approval from Lloyd’s is the ultimate validation of our underwriting quality and governance. Syndicate 1954 underscores our continued dedication to building an entrepreneurial, purpose-built platform that delivers exceptional value to all stakeholders.”

Howden Capital Markets & Advisory is acting as financial adviser to K2.

Photograph: Lloyd’s underwriting room; photo credit: Lloyd’s of London

Topics Excess Surplus Lloyd's