New managing agency to launch at Lloyd’s following ‘in-principle’ approval
Dale Partners, the holding company of Lloyd's syndicate Dale Underwriting Partners (DUP), has been granted ‘in-principle’ approval by Lloyd’s to form its own managing agency.
The new entity, Dale Managing Agency, will now submit its regulatory business plan, seeking approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) during 2022.
DUP, an independent, owner-managed underwriting business, began trading with effect from January 2014 with the creation of Lloyd’s Syndicate 1729. In 2021 DUP unveiled a new joint venture, Dale DUAL MGU with capacity provided by Aviva for property insurance.
For seven years, Asta, Lloyd’s third-party managing agent, has supported DUP in the development and establishment of syndicate 1729 with a current year stamp capacity of £205 million.
Duncan Dale (pictured), chief executive officer (CEO) of Dale Partners, said: “I am thrilled to announce that Lloyd’s has granted Dale Partners ‘in-principle’ approval to set up our own managing agency. 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.”
Julian Tighe, chief executive of Asta, added: “It has been wonderful to help Duncan and the team at Dale Partners to launch Syndicate 1729. We’re 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.”
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