Dale Partners to launch new Lloyd’s MGA
The holding company which owns Dale Underwriting Partners (DUP) has received agreement in principle from Lloyd’s to form its own managing agency. Up to now, Since the independent underwriter has worked with third-party managing agent Asta since establishing Lloyd’s Syndicate 1729 in 2014.
The new entity, Dale Managing Agency Limited, will submit its regulatory business plan and seek approval from the PRA and FCA during 2022.
Duncan Dale, chief executive officer of Dale Partners, said: “I am thrilled to announce that Lloyd’s has granted Dale Partners in-principle approval to set up our own managing agency. This will be an extremely exciting stage in the development of our business and will fulfil our long-term desire to be independent and fully accountable for the strategy, underwriting, execution, and governance of our company.
“We have thoroughly enjoyed working with Asta, and their continual guidance has been invaluable in helping us grow our business and the Dale brand into where it is today.”
Last year, in December, DUP announced a joint venture with DUAL, the world’s largest international MGA, in collaboration with Aviva. Under the deal, Avia committed to provide the new entity, Dale DUAL MGU Limited, with capacity for mid-market global commercial property business written by Dale’s property insurance team and focusing primarily on the USA.