Dale Underwriting Partners claims first year profit

Dale Underwriting Partners Syndicate 1729 at Lloyd's has said it made a modest underwriting profit in its first year of account.

The Asta-managed syndicate was a new entrant into the Lloyd's market for the 2014 year of account. It said it has made a profit of 0.6 percent on its initial stamp capacity of £75 million.

The syndicate, led by Duncan Dale, wrote £45 million of GNWP in 2014. It said that some 43 percent of that was new business to Lloyd's. Its capital is supplied by a mixture of corporate and private investors, with ProAssurance Corporation notable as the lead capital provider.

Dale said: "We are very proud of this result considering the market conditions, our low volume of premium and the usual expense strain of a new business. We have received fantastic support throughout from our capital providers, Lloyd's, Asta, brokers, and our clients."

Asta CEO Julian Tighe, added: “This is a good result for a young business in a challenging market and exemplifies how prudent management and sensible underwriting can achieve a positive outcome. We are proud to have played our part in Dale Underwriting’s success and we look forward to continuing that role.”

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