Dale Underwriting, DUAL establish new joint MGU venture
Dale Underwriting Partners and DUAL have entered into a new joint venture deal that will see both companies combine their underwriting expertise into a single managing general underwriter (MGU) unit.
The new venture, Dale DUAL MGU Limited (DDML), was also created in collaboration with Aviva. As part of the deal, Aviva has entered into a three-year agreement to offer capacity on mid-market global commercial property business written by Dale’s property insurance team, focusing primarily in the US.
DDML’s initial focus will be to bring additional capacity to the existing Dale underwriting teams, a company release said. The venture will be led by Ian Bridge, current underwriting director and head of property insurance at Dale Underwriting Partners.
“This is a major development for Dale Underwriting Partners. Our partnership with DUAL, the largest international Managing General Agent in the world, and Aviva is a fantastic endorsement of the quality of our underwriting expertise and access to distribution in this rapidly improving market,” said Dale Underwriting Partners CEO Duncan Dale.
The chief executive also added that the venture brings additional “quality capacity” to Dale’s clients and brokers to complement the company’s offering from its Lloyd’s syndicate.
“We are delighted to announce the launch of DDML working with Dale Underwriting. Dale has a well-deserved reputation for excellent underwriting making them a perfect partner for DUAL,” said DUAL Group CEO Richard Clapham.
“This is a great opportunity for us to expand and continue our relationship with DUAL under this collaboration with DDML. We are delighted to offer capacity primarily on USA mid-market business, a territory we have been expanding in across our property classes,” commented Aviva chief underwriting officer of commercial lines Nick Major.