UK-based Dale Partners, the holding firm of Dale Underwriting Partners (DUP), has received ‘in-principle’ approval from Lloyd’s to establish its managing agency.
The new unit, Dale Managing Agency, will now submit its regulatory business plan to receive approval from Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) during 2022.
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Independent and owner-managed underwriting business DUP began its operations in January 2014, which corresponds to the creation of Lloyd’s Syndicate 1729.
This year, DUP formed a new joint venture, Dale DUAL MGU, with property insurance capacity provided by Aviva.
Dale Partners CEO Duncan Dale said: “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.”
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By GlobalDataDUP and Asta, a third-party managing agent, have been partners for seven years and worked on the development and establishment of syndicate 1729.
Asta CEO Julian Tighe added: “It has been wonderful to help Duncan and the team at Dale Partners to launch Syndicate 1729.”
Last month, Bermuda-based reinsurer Ariel Re received ‘in-principle approval from Lloyd’s Council to set up a managing agent.
