Lloyd’s approves Dale Underwriting Partners SPA
Dale Underwriting Partners, managed by leading Lloyd’s third party managing agency Asta, is delighted to announce it has been granted ‘in principle’ approval by the Lloyd’s Franchise Board to establish a special purpose arrangement (SPA). The SPA will support a portfolio of contingency and specialty property business, led by Tom Phillipson, who joins Dale from Swiss Re in September.
Dale Syndicate 1729 will cede a proportion of the incremental business into the SPA. The planned gross premium of $22m will be split 40%/60% between S1729 and the SPA for 2018.
Asta and Dale are working towards securing formal approval to commence underwriting business from 1 January 2018.
Julian Tighe, Asta CEO, said: “I am pleased that Asta could support Dale in its expansion plans and we are always excited to be part of the development of successful businesses.”
Duncan Dale, chief executive of Dale Underwriting Partners, added: “The SPA structure provides the ideal platform for this innovative and entrepreneurial team and is expected to be hugely positive for Syndicate 1729, both in terms of underwriting profit and fee revenue.”
Press enquiries:
Damian Beeley/ Sam Whiteley
+44 (0)207 562 4444
Damian.Beeley@haggie.co.uk
Samantha.whiteley@haggie.co.uk
Note to Editors:
About Dale Underwriting Partners
Dale Underwriting Partners is an independent, owner-managed, Lloyd’s syndicate with market leading underwriting, claims and operational expertise. Led by Duncan Dale and a team of highly experienced Lloyd’s underwriters, Syndicate 1729 focuses on; property reinsurance, property insurance and casualty and has a stamp capacity of £100m.
About Asta
Asta Capital Limited is the parent company of:
- Asta Insurance Markets Ltd
- Asta Managing Agency Ltd
- Asta Insurance Services Ltd
- Asta Management Services Ltd
- Asta Underwriting Management Ltd
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2016 of approximately UK£1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners)
Syndicate 1897 (Skuld), SPA 6126
Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others)
Syndicate 2689 (Verto)
Syndicate 2786 (Everest)
Syndicate 4242 (ICAT), SPA 6123 (ICAT)
Syndicate 5886 (Blenheim)
MGAs
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
MGAs under management:
- Pelican Underwriting Management
- OverArk Limited