London, 18 December 2023: Dale Underwriting Partners (“Dale”), the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has announced that it has completed today on its transaction with CVC.

The transaction completion follows approval from the Prudential Regulation Authority (PRA) and Lloyd’s for Dale’s strategic partnership with CVC, a leading global private markets manager with €177 billion of assets under management, announced in September. CVC funds will invest into Dale to support business growth, which will result in CVC funds acquiring a majority stake in the business.

“We are delighted to receive regulatory approval before the end of the year and look forward to executing our plans,” said Duncan Dale, Founder and Chief Executive of Dale. “Dale now enters its 10-year anniversary, and we look ahead to developing our partnership with CVC and continuing to build a leading Lloyd’s business.”

Martin Iacoponi, Managing Director at CVC, said: “We are very pleased to receive approval and look forward to supporting Dale with CVC funds’ capital and our experience to help them grow and develop further.”

As part of the partnership, a new Group Board will be formed with Preben Prebensen appointed as the independent non-executive Chair.