Dale Underwriting Partners has received approval from Lloyd’s for its new special purpose arrangement (SPA), a vehicle that will act as a kind of reinsurance sidecar for Dale’s Syndicate 1729.
The SPA will reinsure a portfolio of contingency and specialty property business that has been underwritten into Dale syndicate 1729 by a new team led by Tom Phillipson.
Syndicate 1729 will cede a proportion of incremental business underwritten into the SPA, so the SPA acts as an additional pool of reinsurance capacity that it can leverage to back its expansion.
Dale said that it plans to grow its gross premiums by US$22m, a figure that will be split 40% / 60% between S1729 and the SPA for 2018.
Duncan Dale, chief executive of Dale Underwriting Partners, commented, “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, CEO of Asta the Lloyd’s third party managing agency who manage the SPA, 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.”