Dale Underwriting Partners has received ‘in principle’ approval from Lloyd’s to establish a new special purpose arrangement (SPA) focused on contingency and specialty property business.
The SPA, managed by Asta, will support a portfolio of contingency and specialty property business and will be led by Tom Phillipson, who joins Dale from Swiss Re in September.
Dale Syndicate 1729 will cede a proportion of the incremental business into the SPA. The planned $22mn of gross premium will be split 40 percent/60 percent between Syndicate 1729 and the SPA for 2018.
Asta and Dale are working towards securing formal approval to commence underwriting business from 1 January 2018.
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.”
Asta CEO Julian Tighe remarked: “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”.
In June, Dale announced that it was entering contingency and sports personal accident business with the hire of Martin Lawson and Richard Appleton from Swiss Re.