London, 26 July 2017: Dale Underwriting Partners, managed by leading Lloyd’s third party managing agency Asta, is delighted to announce it has been granted ‘in principle’ approval by the Lloyd’s Franchise Board to establish a special purpose arrangement (SPA).
Dale Syndicate 1729 will cede a proportion of the new business into the SPA. The planned gross premium of $22m will be split 40%/60% between S1729 and the SPA for 2018. The new business is a contingency and specialty property portfolio, led by Tom Phillipson, who joins Dale from Swiss Re in September.
Asta and Dale are working towards securing formal approval to commence underwriting business from 1 January 2018.
Julian Tighe, Asta CEO, said: “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.”
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”