Dale Underwriting Partners, trading as Lloyd’s Syndicate 1729, and K2 Insurance Services, the independent MGA platform, have received ‘in principle’ approval from Lloyd’s to establish a new Special Purpose Arrangement (SPA), Syndicate 1954.
The SPA will be managed by Dale Managing Agency and hosted by Syndicate 1729. It is expected to write approximately £80 million in gross written premium in 2026, with Dale retaining a 40% share.
Syndicate 1954’s portfolio will span property, specialty, and casualty programmes, leveraging K2’s data-driven underwriting capabilities alongside Dale’s established risk standards. K2 will provide 20% of the underwriting capital, while more than half of the gross portfolio will be backed by funds aligned with both organisations.
The new arrangement is expected to deliver 100% incremental premium to the Lloyd’s market, introducing additional products not currently offered and enhancing distribution opportunities through Lloyd’s global licensing network.
Rising Momentum for New Lloyd’s Syndicates
The approval comes amid a wave of activity in new syndicate formations at Lloyd’s. Notably, AdA Syndicate is preparing to transition from a Special Purpose Arrangement to a full Lloyd’s syndicate in 2026. Managed by Probitas, AdA plans to expand its marine and specialty lines portfolio, supported by its established underwriting and claims expertise.
Earlier this year, Convex Group Limited also secured in-principle approval for Lloyd’s Syndicate 1984, which aims to write £150 million in premium across a range of international insurance lines. Managed by Asta, the syndicate will focus on accident and health, casualty, and crisis management.
In addition, The Fidelis Partnership, in collaboration with Blackstone, has announced the launch of Syndicate 2126. The new syndicate will write property, specialty, and bespoke lines, utilising the Pine Walk MGA platform and reinsurance of existing group business. Blackstone has committed capacity for a three-year period.
