Dale Underwriting Partners Enters Strategic Partnership with CVC

Transaction Overview

On 18 September 2023, Dale Underwriting Partners (“Dale”) has agreed a strategic partnership with CVC to support long-term growth

CVC funds will invest into Dale to provide the capital to replace the current third-party capital providers and support business growth

  • The investment will result in CVC funds acquiring a majority stake in the business and will secure a large pool of long-term stable capital to fund Dale’s growth

Dale, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, is an independent, owner-managed business, founded in 2014

  • Dale is led by a highly experienced team, combining a prudent underwriting approach with an entrepreneurial, agile, and performance-driven culture
  • Dale focuses its expertise across six core classes: Property re(insurance), Casualty, Healthcare Liability, Specialty, Marine Reinsurance and Energy
  • In 2021, Dale announced a new joint venture with Dual International Limited to launch an MGU, Dale DUAL MGU Limited
  • In October 2022, Dale was given authorisation to establish its managing agency at Lloyd’s, Dale Managing Agency Limited
  • Today, Dale controls more than $500 million of premiums underpinned by its leadership positions in its areas of focus

CVC is a leading global private markets manager across six strategies, focused on private equity, secondaries and credit with €161bn in AUM

  • The Dale investment will be from the Strategic Opportunities Fund, which was established for larger investors to invest longer term in high-quality businesses
  • Since 2008, the Financial Services team has been active on a global basis, advising CVC funds to commit over €6 billion of equity
  • Prior insurance transactions include current and former investments in: Brit Insurance, RiverStone International, Fidelis and Pension Insurance Corporatio

Howden Tiger Capital Markets & Advisory Role

HTCMA is acting as financial advisor to CVC with key roles and responsibilities including:

  • Providing objective advice and acting as a sounding board to CVC throughout the process
  • Conducting business and financial due diligence in support of CVC’s Investment Committee materials
  • Offering detailed insights on capital and transaction structuring
  • Leveraging the wider Howden Tiger organisation to provide in-depth industry analysis and analytics expertise to CVC

This transaction is a further indication of HTCMA’s market leadership in advising Lloyd’s businesses and their investors

(a) As of the time of the transaction.