Dale Partners has received ‘in-principle’ approval from Lloyd’s to establish its own managing agency, Dale Managing Agency Limited.
The new structure must submit its regulatory business plan to be approved by the Prudential Regulation Authority and Financial Conduct Authority.
Dale Partners is the holding company of Dale Underwriting Partners (DUP), an independent, owner-managed underwriting firm that began trading in 2014 with Lloyd’s Syndicate 1729.
The syndicate was previously supported by third-party managing agent Asta, and has a current year stamp capacity of £205 million.
DUP has since grown to include a Lloyd’s special purpose arrangement, the Magna Syndicate 6131 underwriting speciality business, and a joint venture with Aviva for property insurance.
Duncan Dale, CEO of Dale Partners, comments: “This will be an extremely exciting stage in the development of our business 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,” he adds.
Julian Tighe, CEO of Asta, continues: “It has been wonderful to help Duncan and the team at Dale Partners to launch Syndicate 1729. We are proud to have worked with them for many years and are delighted to have helped them on their journey to obtaining ‘in-principle’ approval for their own Lloyd’s managing agency.”
