London, 13 November 2017: Dale Underwriting Partners, managed by leading Lloyd’s third party managing agency Asta, is delighted to announce that its special purpose arrangement (SPA) has received approval from Lloyd’s. The SPA will reinsure a portfolio of contingency and specialty property business, underwritten into Dale syndicate 1729 by a new team led by Tom Phillipson.
Syndicate 1729 will cede a proportion of the incremental business into the SPA. The planned gross premium of US$22m will be split 40% / 60% between S1729 and the SPA for 2018.
Dale Underwriting Partners received ‘in principal’ approval by the Lloyd’s Franchise Board to establish the SPA in July of this year.
Duncan Dale, chief executive of Dale Underwriting Partners, said: “I am very pleased to confirm that our SPA will be part of our underwriting framework from 2018. The SPA structure is the ideal platform for this innovative and entrepreneurial team, and has great potential to increase underwriting profit and fee revenue for Syndicate 1729.
“Tom is a recognised industry figure who brings an exceptional track record and breadth of hugely relevant experience in this specialist area. I am confident that he and his highly talented team will quickly establish themselves as a significant participant in this market.”
Julian Tighe, Asta CEO, added: “I am pleased that Asta could support Dale in its expansion plans and we look forward to continuing to support the team as they move forward. We are always excited to be part of the development of successful businesses, whether that is a syndicate, MGA or SPA. There are clear opportunities in this market for those with expertise, experience, ambition and entrepreneurial acumen and Dale is a clear example of this.”