Dale Underwriting Partners has entered a strategic partnership with CVC, a prominent global private markets manager overseeing €161 billion in assets.
As part of the deal, CVC funds will make investments into Dale, serving to replace existing third-party capital providers and fuel business expansion. This investment will result in CVC funds securing a majority stake in the company.
According to the Lloyd’s Syndicate, the investment ensures a substantial and stable long-term capital pool to drive Dale’s growth, capitalizing on the competitive global standing of Lloyd’s market and the expertise and strong position of the Dale team.
The transaction is pending customary regulatory approvals and is anticipated to conclude in Q4 2023 or Q1 2024. Dale received advisory support from Macquarie Capital and Norton Rose Fulbright, while CVC was advised by Howden Tiger Capital Markets & Advisory, Aon Capital Advisory, Aon’s Strategy and Technology Group, EY, Weil, and Bryan Cave Leighton Paisner.
Dale also underscored the integrity of CVC funds, known for possessing significant prior experience in investing in and growing regulated financial services and insurance companies worldwide. This includes investments in the Lloyd’s market through ventures like Brit Insurance and RiverStone International. The investment will be made from CVC’s Strategic Opportunities Fund, aligning with Duncan Dale, Dale’s chief executive officer and founder, and his team’s vision for the long-term strategic advancement of the business.
“We are excited to be partnering with CVC to back Dale’s next phase of growth. We have an aligned vision on where we would like to take the business and believe they will be a great partner given their long-term investment horizon and approach to supporting us to create value,” Duncan Dale said.
Likewise, CVC managing director Martin Iacoponi called the specialty insurance and Lloyd’s markets a focus for the company’s financial services strategy.
“We have been impressed by Duncan and his team’s approach to building a high-quality player over the last decade. We are very pleased to partner with the Dale team and look forward to supporting the business with CVC funds’ capital and our experience to help them grow and develop further,” Iacoponi said.
Recently, the Syndicate also announced the appointment of Robert Pettifier as its property open market team underwriter, effective November 6.