Dale Underwriting Partners completes deal with CVC

Private equity firm CVC will begin to invest funds into Dale Underwriting Partners as the two firms completed their new partnership deal.

A statement released today (18 December 2023) said the deal, which was first announced on 19 September 2023, had been given approval by the Prudential Regulation Authority and Lloyd’s.

It means CVC will start to invest into Dale to support business growth, which will result in the firm acquiring a majority stake in the business.

“We are delighted to receive regulatory approval before the end of the year and look forward to executing our plans,” said Duncan Dale, founder and chief executive of Dale, said.

“Dale now enters its 10-year anniversary and we look ahead to developing our partnership with CVC and continuing to build a leading Lloyd’s business.”

Board

As part of the partnership, a new group board will be formed, with Preben Prebensen having been appointed as the independent non-executive chair.

Preben has over 40 years of experience in the banking and insurance sectors, including 11 years as chief executive of Close Brothers Group.

“Over the past 10 years, Dale has been focussed on building a leading Lloyd’s business,” he said.

”Following the investment from CVC, I am looking forward to working with Dale’s team and helping to execute its strategy and delivery of long-term sustainable growth.”

CVC currently has €177bn (£152bn) of assets under management.

Martin Iacoponi, managing director at CVC, said: “We are very pleased to receive approval and look forward to supporting Dale with CVC funds’ capital and our experience to help them grow and develop further.”