The move will fulfil the company’s desire to be ‘independent and fully accountable’ for its business
Dale Partners Limited, the holding company of 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 FCA during 2022.
Independent, owner-managed underwriting business DUP began trading from January 2014 with the creation of Syndicate 1729.
Since its establishment, the business has grown significantly – in 2021, DUP began a new joint venture called Dale Dual MGU, with capacity provided by Aviva for property insurance.
MGA Asta has supported DUP in the development and establishment of Syndicate 1729 for the past seven years, with a current year stamp capacity of £205m.
Duncan Dale, chief executive of DUP, said that he was “thrilled” with the announcement.
He continued: “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 [its] 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.”