Reinsurance News

Dale Managing Agency given go-ahead by PRA, FCA, and Lloyd’s

23rd September 2022 - Author: Pete Carvill

Dale Partners Limited (DPL) has received approval from the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), and Lloyd’s to establish the Dale Managing Agency.

dale-underwriting-partners-logoAs part of the establishment, the firm said it had appoint four non-executive directors to the board of the Dale Managing Agency.

The firm said that the new members are John Hastings-Bass, chair of the board; Heather McKinlay, chair of the audit committee; Alan Grant, chair of the risk committee; and John Hume.

Duncan Dale, chief executive of DPL, said: “This is fantastic news and a major milestone in the development of Dale Underwriting Partners,” said. “It has always been our long-term goal to establish our own managing agency to give us the independence and accountability for the strategy, execution and governance of the business. Naturally, I would like to thank our amazing team. Their hard work, dedication and resilience have brought us to this point.”

He added: “This is a tremendous endorsement of our team and to supplement the 50 managing agents currently managing live syndicates in the Lloyd’s market is an honour and privilege. I would like to thank all of the team at Asta for their tremendous support for the past nine years. This has paved the way for us to take the next step in the evolution of our business at Lloyd’s. We are also extremely grateful for the hard work and commitment to making this happen by the teams in Lloyd’s, the PRA and FCA and look forward to working with them into the future.”

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It was just over a year ago when the firm was given ‘in-principle’ to establish its own managing agency. Back then, Lloyd’s gave approval, and it was left for the firm to approach the FCA and the PRA for their assent. DPL is the holding company of Dale Underwriting Partners, which began trading with effect from 1 January 2014 with the creation of Lloyd’s Syndicate 1729.

Since then, the business has grown significantly and in 2021 DUP announced a new joint venture, Dale DUAL MGU Limited with capacity provided by Aviva for property insurance.

Also joining the Dale Managing Agency will be Duncan Dale; Dominic Peters, active underwriter; and Carol McCarthy (finance director).

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