Dale Underwriting to launch contingency and specialty SPA

Dale Underwriting Partners, which is managed by Lloyd’s third-party managing agency Asta, has been granted in principle approval by the Lloyd’s Franchise Board to establish a special purpose arrangement (SPA).

The SPA will support a portfolio of contingency and specialty property business, 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 gross premium of $22m will be split 40%/60% between the syndicate 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, 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.”