Dale Underwriting Partners, managed by Asta, has received Lloyd’s Franchise Board approval to set up a special purpose arrangement (SPA) to support the firm’s contingency and specialty property business portfolio.
Tom Phillipson will be joining Dale from Swiss Re in September to lead the SPA which is set to begin underwriting business from 1 January 2018, following the receipt of formal approval.
Duncan Dale, chief executive of Dale Underwriting Partners, said; “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.”
Dale Syndicate will cede a proportion of its incremental business into the SPA, with the planned $22 million gross premium split 40%/60% between S1729 and the SPA for 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.”
