Dale Underwriting Partners has received approval from Lloyd’s for its new special purpose arrangement (SPA).

The SPA, which will be managed by Asta, will reinsure a portfolio of contingency and specialty property business that has been underwritten into Dale syndicate 1729 by a new team led by former Swiss Re Corporate Solutions head of special risks Tom Phillipson.

Dale said that it plans to grow its gross premiums by USD$22mn, which will then be divided 40 percent/60 percent between Syndicate 1729 and the SPA for 2018.

Duncan Dale, chief executive of Dale Underwriting Partners, commented, “I am very pleased to confirm that our SPA will be part of our underwriting framework from 2018. The SPA structure is the ideal platform for this innovative and entrepreneurial team, and has great potential to increase underwriting profit and fee revenue for Syndicate 1729.

“Tom is a recognised industry figure who brings an exceptional track record and breadth of hugely relevant experience in this specialist area. I am confident that he and his highly talented team will quickly establish themselves as a significant participant in this market.”