CVC expands insurance portfolio with Dale Underwriting partnership

Private equity firm CVC Capital Partners has expanded its insurance portfolio after entering into a strategic partnership with Dale Underwriting Partners, a statement released yesterday (18 September 2023) said.

The deal will see CVC invest funds into Dale, which operates through Lloyd’s Syndicate 1729, to support business growth and provide capital to replace the current third-party capital providers.

This will result in CVC funds acquiring a majority stake in the business.

Martin Iacoponi, managing director at CVC, said: “The speciality insurance and Lloyd’s markets are attractive markets for patient capital investors like CVC funds and a focus for our financial services strategy.

”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.”

Long-term investment

Dale was founded by Duncan Dale in 2014 and is a specialist provider of insurance and reinsurance lines.

The firm said the investment will secure a pool of long-term stable capital to fund its growth and support its vision.

”CVC funds have extensive prior experience of investing in and growing regulated financial services and insurance companies globally,” it said. 

This includes within the Lloyd’s market, through investments into Brit Insurance and River Stone International.

Dale added: “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.”