Dale Underwriting Gets Lloyd’s Approval to Set Up Special Purpose Arrangement
Dale Underwriting Partners, managed by Lloyd’s third party managing agency Asta, announced 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 $22 million will be split 40 percent/60 percent between Syndicate 1729 and the SPA for 2018.
Asta and Dale are working towards securing formal approval to commence underwriting business from 1 January 2018.
“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,” said Julian Tighe, Asta CEO.
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.”
Source: Dale Underwriting Partners
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