Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has completed its previously announced transaction with CVC.
The transaction completion follows approval from the Prudential Regulation Authority (PRA) and Lloyd’s.
CVC is a global private markets manager with €177 billion of assets under management as announced on September 2023. Dale Underwriting Partners underwrites across various six core classes.
CVC funds will invest in Dale to support business growth and acquire a majority stake in the business.
According to a previous announcement, the funds will be used by Dale to replace the current third-party capital providers and support business growth, which ultimately will result in CVC funds acquiring a majority stake in the business.
As part of the partnership, a new Group Board will be formed with Preben Prebensen appointed as the independent non-executive Chair.
Duncan Dale, Founder and Chief Executive, Dale, commented on the partnership, “We are delighted to receive regulatory approval before the end of the year and look forward to executing our plans. Dale now enters its 10-year anniversary, and we look ahead to developing our partnership with CVC and continuing to build a leading Lloyd’s business.”
Martin Iacoponi, Managing Director, CVC, added, “We are very pleased to receive approval and look forward to supporting Dale with CVC funds’ capital and our experience to help them grow and develop further.”
Macquarie Capital and Norton Rose Fulbright served as advisors for Dale throughout the transaction, meanwhile, CVC was advised by Howden Tiger Capital Markets & Advisory, Aon Capital Advisory and Aon’s Strategy and Technology Group, EY, Weil, and Bryan Cave Leighton Paisner.
