Dale Underwriting Partners | Syndicate 1729
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Dale Managing
Agency Limited
Syndicate 1729
Annual Report and Accounts
3
Contents
Strategic Report ............................................................................................................................................................ 4
Financial highlights: 1729 calendar year performance metric ...................................................................................... 5
A decade of disciplined growth: A timeline ................................................................................................................... 6
Our culture .................................................................................................................................................................... 7
Our lines of business: Diversified, disciplined, distinctive ............................................................................................ 8
Active Underwriter’s Report ........................................................................................................................................ 11
Directors and Administration ....................................................................................................................................... 18
Managing Agent's Report ........................................................................................................................................... 19
Statement of Managing Agent's responsibilities ......................................................................................................... 23
Independent auditor’s report ....................................................................................................................................... 24
Statement of profit or loss and other comprehensive income .................................................................................... 28
Statement of changes in members' balances ............................................................................................................. 29
Balance sheet – Assets .............................................................................................................................................. 30
Balance sheet – Liabilities .......................................................................................................................................... 31
Statement of cash flows .............................................................................................................................................. 32
Notes to the financial statements – (forming part of the financial statements) ........................................................... 33
1. Basis of preparation ................................................................................................................................................ 33
2. Use of judgement and estimates ............................................................................................................................ 33
3. Significant accounting policies ................................................................................................................................ 33
4. Risk and capital management ................................................................................................................................ 38
5. Analysis of underwriting result ................................................................................................................................ 46
6. Net operating expenses .......................................................................................................................................... 48
7. Key management personnel compensation ........................................................................................................... 49
8. Staff numbers and costs ......................................................................................................................................... 49
9. Investment return .................................................................................................................................................... 50
10. Distribution and open years of account ................................................................................................................ 50
11. Financial investments ........................................................................................................................................... 50
12. Debtors arising out of direct insurance operations ............................................................................................... 52
13. Debtors arising out of reinsurance operations ...................................................................................................... 52
14. Other debtors ........................................................................................................................................................ 52
15. Deferred acquisition costs .................................................................................................................................... 52
17. Technical provisions ............................................................................................................................................. 55
18. Creditors arising out of direct insurance operations ............................................................................................. 55
19. Creditors arising out of reinsurance operations .................................................................................................... 55
20. Other creditors ...................................................................................................................................................... 56
21. Cash and cash equivalents................................................................................................................................... 56
22. Other assets.......................................................................................................................................................... 56
23. Analysis of net debt .............................................................................................................................................. 56
24. Related parties ...................................................................................................................................................... 56
25. Off balance sheet items ........................................................................................................................................ 57
26. Post balance sheet events .................................................................................................................................... 57
27. Contingencies and commitments ......................................................................................................................... 57
28. Foreign exchange rates ........................................................................................................................................ 57
29. Funds at Lloyd’s .................................................................................................................................................... 57
Managing Agent's Registered Office Managing Agent's Registered Number
70 St. Mary Axe 13526063
London
EC3A 8BE
Active Underwriter Bankers
I J Bridge Barclays Plc
Citibank NA
RBC Dexia
Investment Manager Registered Auditors and Signing Actuary
Goldman Sachs Asset Management International Ernst & Young LLP
BlackRock Investment Management (UK) Limited
4
Strategic Report
5
Financial Highlights
6
A decade of disciplined growth: A timeline
Since our founding in 2014, Dale has followed a deliberate path of measured expansion – building deep
expertise in core classes, strengthening operational capabilities, and growing with clarity of purpose.
Strategic milestones – including the formation of Dale Managing Agency and our partnership with CVC
Capital Partners – have shaped a platform built for scale, resilience and long-term value. The timeline below
captures this evolution.
Future-focused growth
(2026 and beyond)
Strong organic growth across all established
classes and continued development of our
Professional Lines portfolio and the launch
of our new Portfolio Solutions offering.
Launched Special Purpose
Arrangement (SPA) 1954
in partnership with K2 to capitalise
on targeted market opportunities.
Portfolio expansion & strategic
partnerships (2020–2022)
We selectively broadened our offering with
the addition of Accident & Health, Energy,
US Transportation and Marine Treaty
Reinsurance. We secured approval from the
PRA, FCA, and Lloyd’s to establish Dale
Managing Agency Limited.
Foundational years
(2014–2016)
Launched Syndicate 1729 in 2014,
underwriting core Casualty and Property
Insurance and Reinsurance lines. By 2016,
the business had grown significantly,
bolstered by expansion into Healthcare,
Professional Liability, strengthening our
position in core casualty classes.
Asta Managing Agency providing third
party syndicate management
Strategic momentum
(2023–2025)
A strategic partnership with CVC Capital
Partners was announced. Our move to new
headquarters at 70 St Mary Axe and the
Insider Honours award of “M&A Transaction
of the Year” highlighted our reputation in the
market. Growth was driven by the continued
success of existing portfolios and the
addition of Professional Lines underwriting
International Professional Indemnity.
Measured growth in core portfolios
(2017–2019)
This period saw modest, strategic growth
across our existing portfolios, reflecting
our commitment to deep expertise and
sustainable performance. We relocated
to dedicated offices at 6th floor of
6 Bevis Marks.
Today, we are a business of over 120
people operating across twelve lines of
business, serving clients globally with a
distinctive approach: deep underwriting
expertise, capital strength, and a mindset
defined by innovation and independence.
7
Our culture
Culture at Dale is more than a set of values – it is how we think, work, and grow together. It shapes every
decision we make, every relationship we build, and every standard we uphold.
We are often described as collaborative, entrepreneurial and grounded. Our values – Mutual Respect, Thinking
Differently, Inspiring Our People, All Together, Always on Hand, and The Extra Mile – are embedded in how we
operate. But culture goes beyond principles. It is reflected in the way we take ownership, share knowledge, and
support one another’s success. It is also visible – in how we communicate, from all-hands briefings to office-wide
updates, and in how we contribute beyond our desks, through cause-driven initiatives and longstanding charity
partnerships.
Dale is a place to build a career, not just to do a job. We give people responsibility, encourage learning at every level,
and reward long-term commitment. Whether someone is stepping into leadership or just starting out, we create the
conditions for individuals to grow and shape the future of the business.
With the support of CVC Capital Partners, we continue to invest in our people, systems and workplace – ensuring
Dale remains a place where performance and purpose go hand in hand.
We are also aligned with the Lloyd’s Culture Strategy – from inclusive recruitment and fair reward to innovation
and sustainability – while bringing our own distinct energy to the market’s broader ambition.
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Our lines of business: Diversified, disciplined, distinctive
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10
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Active Underwriter’s Report
2025 at a glance
The 2025 Year of Account has seen considerable growth with Gross Written Premium (GWP) increasing from $502m
to $624m. This growth is below our initial expectations due to softening market conditions and disciplined
underwriting. More growth is planned for the 2026 Year of Account with GWP increasing to $842m, this is largely
supported by the onboarding of the K2 SPA.
Pricing Adequacy remained strong despite continued competition seen in the short tail lines, most notably in the
Property Open Market account. Overall risk adjusted rate change was -1.59%.
Global Catastrophe losses for 2025 were once again above $100bn ($129bn Gallagher Re) driven by the LA Wildfires
and several Severe Convective Storm (SCS) events, perils that were in the past considered to be non-peak have
been dominating the loss picture for a number of years. The Dale portfolio still stood up well to these events; the LA
Wildfires loss was reduced by reinsurance recoveries; many of the SCS events were below attachment points; and
Hurricane Melissa was not a big loss for Dale. We therefore remain well within the catastrophe loss budgets for the
Calendar and Underwriting Year.
We have recorded a healthy profit for the 2025 Calendar Year of $80.1m (2024: $26.6m).
The forecast combined ratio for 2025 Year of Account stands at 89.0%.
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Dale Underwriting Partners | Syndicate 1729
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Stamp capacity
The Stamp capacity for 2026 is $675m (£500m) as we continue to build the business, albeit with some more softening
market conditions. The growth in 2026 is supported by the launch of an SPA, in partnership with K2 Insurance
Services and managed by Dale Managing Agency. This is expected to write $108m (£80m) of GWP in 2026, with
40% retained by Dale and the other 60% ceded to the SPA.
Organic growth is expected across all classes other than Property Open Market where we expect further challenging
market conditions to continue, we will not chase top-line growth at the expense of profit and underwriting discipline.
There will be specific growth in Portfolio Solutions and Professional Lines which were new classes for 2025 and will
continue to develop in 2026. Growth is also expected in Property Reinsurance where we continue to target increasing
market share and Healthcare where rate remains strong.
Our philosophy has always been to focus on profit rather than top line growth. We did not grow aggressively during
the downward part of the cycle and have maintained strong underwriting discipline throughout. With market conditions
becoming more challenging, particularly in short-tail classes, our growth will be focused where we believe there is
sufficient rate adequacy to generate satisfactory returns for our investors. As a business we remain very well placed
to manage the changing market conditions, deliver a highly profitable plan, with greater resilience and less volatility
in the portfolio.
We underwrite across several key lines of business, Property Open Market, Property Facilities, Casualty, Casualty
Reinsurance, Healthcare, Property Reinsurance, Marine Reinsurance, Specialty Insurance, Transportation,
Professional Lines and Portfolio Solutions.
In Q3 2025, we took the strategic decision to exit Offshore Energy as a standalone class of business. The decision
followed a thorough review and was part of our disciplined portfolio management and reflects both performance
considerations and alignment with our evolving risk appetite.
The 2025 year experienced negative rate change of -1.6% and is reflective of the changing market conditions and
increased competition in the short-tail lines. However, there have been accumulative rate increases of 8.1% in 2019,
10.8% in 2020, 10.1% in 2021, 8.6% in 2022, 12.9% in 2023 and 3.5% in 2024.
The 2025 year saw negative rate change overall with short-tail classes most affected, particularly Property Open
Market. Initially we saw less pressure on terms and conditions but in the latter quarters of the year these were
challenged and we expect this to continue into 2026. This will be closely monitored throughout 2026.
Dale Underwriting Partners Syndicate 1729 (Dale) has a strong brand within the Lloyd’s market, and we are extremely
well supported by our brokers and clients. Our plan is to remain focused on classes we know well and where we
have established franchise value in the market. We are a recognised lead underwriting presence in Casualty,
Property and Specialty Insurance.
Falling Negative rate change is expected across the portfolio in aggregate in 2026 reflecting increased competition
in the short-tail classes and is particularly evident in Property Insurance and Reinsurance and Marine Reinsurance.
However, Pricing Adequacy remains strong in all classes after several years of compound rate increases.
We are very grateful for the support we have received from all involved in the lifetime of the Syndicate and look
forward to providing healthy returns over the long term.
Dale Underwriting Partners | Syndicate 1729
14
Industry themes
The below represent the major industry themes which will be the focus of our attention in 2026. There are several
other topics which will be considered throughout 2026 such as Underwriting Performance, Exposure Management
and Delegated Authority Management along with the impact of increased participation from broker facilities to name
a few but further detail has been provided on those with the potential for greatest impact to our business.
Cycle Management
The 2026 business plan incorporates significant growth which is being driven by the K2 SPA. Most of the growth is
concentrated on growing shares on existing business where there is a good track record of profit over the cycle.
Professional Lines and Portfolio Solutions which were new classes in 2025 will continue to develop into 2026. The
other elements of forecast growth for 2026 are concentrated in those areas where we see sufficient margin and can
grow market share, Property Treaty as an example. There are plans to grow the business in the future but we will
maintain discipline and ensure that the bottom line does not suffer in an effort to grow the top line. This was
demonstrated in the early years of the Syndicate where we did not meet our business plan premium due to soft
market conditions. The activities to ensure we remain vigilant will include the following:
• Ongoing review of pricing models and rate adequacy
• Stress testing of business plan
• Monitoring of performance by class of business
• Improved Internal and External peer review
• Appoint Head of Underwriting Performance
Inflation
Inflation remains a key topic for the Syndicate as we
have witnessed higher claims costs for several
reasons. We have updated the assumptions in pricing
models for the classes affected to ensure that we are
capturing the impact of increased claims cost as a
result of Economic and Excess/Social inflation. This
has been particularly prevalent for US Healthcare
Open Market business where we have seen an
increased frequency of severe losses and have
responded accordingly by updating the pricing model.
The Syndicate operates an Reserving Trends
Working Group to help consider impact, claims
mitigations and strategies, particularly relating to reserving and the topic of inflation including impact to pricing
approach.
Dale Underwriting Partners | Syndicate 1729
15
Geopolitical
There are several elevated risks which the Syndicate is monitoring its exposure and maintaining a cautious approach
on appetite, examples of this would be Terrorism and Cyber where we have limited exposure to this business. Stress
tests have been performed on inflation and the impact of tariffs on goods and financial services in addition to analysis
of how wage inflation could have an impact on pricing models for the Casualty lines. We are also monitoring
aggregations to Strikes, Riots and Civil commotion more closely along with the Lloyd’s prescribed scenarios.
Climate Change
As stated earlier the global insured catastrophe losses in 2025 were dominated by the impact of the Los Angeles
Wildfires. This loss has again highlighted the financial risks associated with perils that are closely linked to climate
change. There are many activities that the Syndicate undertakes to monitor these changes in risk and how they might
impact the business:
• Development of approach through Climate Change Working Group
• Explicit consideration of climate change through the risk register
• Increased level of scenario testing for main perils including reports to Exco and the Risk Committee
• Development of view of risk to supplement vendor model assumptions
Events and Natural Catastrophe losses
The 2025 year has seen a continuation of insured
global natural catastrophe losses above $100bn, with
the 5-year average now at $155bn. This has been
driven by events that used to be considered non-peak
perils and we are ensuring that this is built into our
underwriting strategy and pricing models for the
classes of business that are likely to be affected.
The impact to the Syndicate has been lessened by our
strategy to increase attachment levels in the Property
classes but this will be closely monitored should this come
under pressure in this evolving market. Despite the level of Natural Catastrophe losses in 2025 the Syndicate is
comfortably within the Year of Account Net Cat Budget, this shows the resilience of the portfolio to this level of loss
activity.
Other Developments
2025 has been an encouraging year for the business, we have received full approval from Lloyd’s to establish an
SPA with K2 which will be a valuable strategic relationship as we look to grow the business in the future. We have
also appointed a new Head of North American Casualty and added resource strength throughout the functions. A
new Chief Actuary and General Counsel have recently joined with Head of Portfolio Solutions arriving in Q2.
We are continuing to execute on our long-term strategic plan which outlines the underwriting strategy, operational
and technological initiatives required to support the business in the future.
We remain focused on the Lloyd's broker distribution channel and are working hard with our brokers to generate new,
profitable business opportunities to the Lloyd’s market.
Dale Underwriting Partners | Syndicate 1729
16
Sustainability
Within the business everyone is increasingly aware
of the role that we can play as individuals and
collectively as a business to ensure we work in an
environmentally and socially responsible way. Our
clients, colleagues, investors and regulators expect
us to conduct business in a way that reduces our
environmental impact, promotes social change and
helps us to be responsible corporate citizens.
We have committed to key principles which will help
to inform our behaviour, attitude and long-term
underwriting strategies.
We aim to minimise our environmental impact and carbon emissions through energy efficiency in our operations and
reducing our need for business travel. Although we will continue to do required travel by air we commit to carbon off-
setting our journeys. We are also committed to improving our local communities for young people by providing
charitable donations where they are most needed. We also enable our staff to devote time to participate in
volunteering and mentoring programmes.
We continue to play an active role in engaging in Lloyd’s “Insuring the transition” roadmap amongst engagement on
a number of Lloyd’s Market Association (LMA) panels including the newly formed LMA Chief Underwriting Officer
Committee.
Year of Account Commentary
Closed Year (2023)
£280m ($377m)
Stamp Capacity
Return on capacity 22.8%.
Profit £63.7m or US$86.0m.
This is an excellent result and has been driven by the lack of major catastrophe activity in the US. Despite another
year of global insured losses above $100bn, with Severe Convective Storm losses in the US accounting for $65bn,
the Syndicate has not been adversely affected due to significant action taken on deductibles and attachment points.
2024 Year of Account
£349m ($471m)
Stamp Capacity
Forecast return on capacity 18.6%
Forecast profit £65.0m or US$87.8m.
Whilst lower than expected US catastrophe activity, both Hurricane Milton and Helene were significant industry
events. The Syndicate also experienced the largest individual gross loss ($21.6m) which impacted the Marine
Reinsurance portfolio as a result of the Baltimore bridge collapse. However, we were still able to book a profit in line
with plan which proves the resilience of the portfolio compared with the earlier years.
£280m ($377m)
Stamp Capacity
£349m ($471m)
Stamp Capacity
Dale Underwriting Partners | Syndicate 1729
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2025 Year of Account
£475m ($641m)
Stamp Capacity
Forecast return on capacity 13.8%
Forecast profit £65.5m or US$88.5m.
The Dale team would like to record their thanks to all who have supported and helped to develop our business. We
appreciate that the 2022 closure was less than satisfactory but 2023 has been a great year, with 2024 and 2025 also
trending better than plan this more than makes up for the necessary action we took on the Casualty reserves last
year.
Finally on behalf of the Executive team, I would like to thank all Dale colleagues for their hard work in accomplishing
the growth we have achieved in 2025 in difficult market conditions. We have maintained our underwriting discipline
and portfolio management by exiting and shrinking classes where necessary. With the newly created SPA and
targeted growth in classes of business where we can make adequate returns along with the technology and
operational enhancements we have made we are well positioned to maximise the opportunity to achieve sustainable
growth whilst maintaining our culture of underwriting discipline.
Ian Bridge
Active Underwriter
20 February 2026
£475m ($641m)
Stamp Capacity
Dale Underwriting Partners | Syndicate 1729
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Directors and Administration
Managing Agent
Directors
J P Hastings-Bass (Chairman)* I J Bridge D H Dale
A Grant* C N Griffiths J W Hume*
C A McCarthy H R McKinlay*
Non-Executive Directors*
Dale Underwriting Partners | Syndicate 1729
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Managing Agent's Report
The Syndicate has been managed by Dale Managing Agency Limited, a company registered in England and Wales,
since 1
st
October 2022. Prior to that date, the Syndicate was managed by Asta Managing Agency Limited.
The Directors of the Managing Agent present their report for the year ended 31 December 2025 (comparatives are
presented for the year ended 31 December 2024).
This annual report is prepared using the annual basis of accounting as required by Statutory Instrument No 1950 of
2008, The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 ("Lloyd's
Regulations 2008") as well as in compliance with applicable Accounting Standards in the United Kingdom and the
Republic of Ireland, including Financial Reporting Standard 102 ("FRS 102"), Financial Reporting Standard 103
("FRS 103") in relation to insurance contracts, and the Lloyd's Syndicate Accounts Instructions V3.1 as modified by
the Frequently Asked Questions V1.1 issued by Lloyd's.
Results
The result for the calendar year 2025 is a profit of $80.1m (2024: profit $26.6m).
The Syndicate presents its results under FRS102, the Financial Reporting Standard applicable in the UK and
Republic of Ireland. In accordance with FRS 102, the Syndicate has identified its insurance contracts and accounted
for them in accordance with FRS 103 and the Lloyd's Syndicate Accounts Instructions V3.1 as modified by the
Frequently Asked Questions V1.1 issued by Lloyd's.
Principal activity and review of the business
The Syndicate’s principal activity continues to be the underwriting of direct insurance and reinsurance business in
the Lloyd’s market.
The Syndicate writes predominately casualty and property insurance, primarily in the United Kingdom. The 2018 year
of account saw the introduction of the Specialty Insurance class of business. This class was subject to a 60% quota
share reinsurance with the Syndicate’s Special Purpose Arrangement 6131 (“SPA 6131”) up until, and including, the
2021 year of account. It is the intention, at the closure of this last year of account for the SPA, to RITC into this
Syndicate.
A full review is included in the Active Underwriter’s Report.
Gross written premium income by class of business for the calendar year was as follows:
2025
2024
$’000
$’000
Casualty
73,929
67,302
Property Open Market
106,216
136,856
Property Reinsurance
90,394
73,583
Marine Reinsurance
35,868
33,337
Specialty Insurance
23,860
33,723
Property Facilities
47,923
47,734
Healthcare
80,824
71,704
Professional Lines
37,097
621
Portfolio Solutions
34,964
3,900
Energy
25,590
24,716
Total
556,665
493,476
Dale Underwriting Partners | Syndicate 1729
20
The Syndicate's key financial performance indicators during the year were as follows:
2025
2024
Change
$’000
$’000
$’000
Gross written premiums
556,665
493,476
12.8%
Profit for the financial year
80,071
26,643
200.5%
Combined ratio
89.0%
97.8%
8.8%
The combined ratio is the ratio of net claims incurred and net operating expenses to net premiums earned. Lower
ratios represent better performance.
The return on capacity for the 2023 closed year of account at 31 December 2025 is shown below together with
forecasts for the two open years of account.
2023 YOA
2024 YOA
2025 YOA
Closed
Open
Open
Capacity* ($’000)
377,498
471,158
641,250
Result/Forecast** ($’000)
86,005
87,802
88,498
Return on capacity (%)
22.8%
18.6%
13.8%
* For the purpose of calculating return on capacity, the GBP capacity figures have been converted to USD at the end of period rate stated in Note 26.
** 2024 & 2025 YOA forecasts are unaudited
Principal risks and uncertainties
The Syndicate sets risk appetite annually, which is approved by the Managing Agency as part of the Syndicate’s
business planning and Solvency Capital Requirement (‘SCR’) process. The Managing Agency Risk & Compliance
Committee meets at least 4 times a year to oversee the risk management framework. The Risk & Compliance
Committee, a sub-committee of the Agency Board, reviews the risk profile as reflected in the risk register, and
monitors performance against risk appetites and key risk indicators. The principal risk and uncertainties facing the
Syndicate are as follows:
Insurance risk
Insurance risk includes the risks that a policy will be written for too low a premium (pricing risk) or provide
inappropriate cover (underwriting risk), that the frequency or severity of insured events will be higher than expected
(claims risk), or that estimates of claims subsequently prove to be insufficient (reserving risk). The Managing Agency
Board manages insurance risk through the approved business plan, which sets out targets for volumes, pricing, line
sizes and retention by class of business. The Managing Agency Board then monitors performance against the
business plan through the year. Reserve adequacy, including adequate provision for inflation, is monitored through
quarterly review by the Reserving Committee and Dale Actuarial team.
Credit risk
The key aspect of credit risk is reinsurance counterparty risk which is the risk of default by one or more of the
Syndicate’s reinsurers and intermediaries. The Managing Agency Board’s policy is that the Syndicate will only
reinsure with approved reinsurers, supported by collateralisation where required.
The Credit Committee sets approval and usage criteria, monitors reinsurer ratings and is required to approve and
oversee the application of the reinsurer approval policy.
Market risk
Market risk exposure impacting the Syndicate relates to fluctuations in interest rates or exchange rates. The
Syndicate is exposed to foreign exchange movements as a result of mismatches between the currencies in which
assets and liabilities are denominated. The Managing Agency policy is to maintain received income or incurred
expenditure in the core currencies in which they were received or paid. Any surplus or deficit in a core currency would
be subject to review by the Board.
Exposure to changes in interest rates comes from the Syndicate’s investment portfolio. The Managing Agency seeks
to minimise this risk through investing in either fixed interest securities or high quality floating rate notes.
Dale Underwriting Partners | Syndicate 1729
21
In addition, the Managing Agency Board ensures that the Syndicate’s investment portfolio is managed by the external
investment manager in accordance with the Syndicate’s risk appetite and to guidelines as approved by the Board.
The Chief Investment Officer attends the Managing Agency Board to give us insight on current and expected market
conditions and managing our portfolio through volatility.
Liquidity risk
This is the risk that the Syndicate will not be able to meet its liabilities as they fall due, owing to a shortfall in cash or
can only meet obligations at excessive cost. To mitigate this risk the Managing Agency Board reviews cash flow
projections and associated testing regularly and ensures that, where needed, the Syndicate has liquidity facilities in
place. The Syndicate also has the option of a cash call from Capital providers.
Operational risk
This is the risk that errors caused by people, processes, systems and external events lead to losses to the Syndicate.
The Agency seeks to manage this risk through the use of an operational risk and control framework, detailed
procedures manual, thorough training programmes and a structured programme of testing of processes and systems
by Internal Audit. Business continuity and disaster recovery plans are in place and are regularly updated and tested.
Regulatory risk
Regulatory risk is the risk of loss owing to a breach of regulatory requirements or failure to respond to regulatory
change. The Managing Agency is required to comply with the requirements of the Financial Conduct Authority (FCA),
Prudential Regulatory Authority (PRA) and Lloyd’s. Lloyd’s requirements include those imposed on the Lloyd’s market
by overseas regulators, particularly in respect of US situs business. The Agency has a Compliance Officer who
manages a function that monitor business activity and regulatory developments to assess any effects on the Agency.
The Syndicate has no appetite for failing to treat customers fairly. The Syndicate manages and monitors its customer
risk through a suite of risk indicators and reporting metrics as part of its documented customer risk framework. The
Managing Agency is committed to protecting the best interests of customers at all times. Conduct management
measures are employed to provide assurance that products and services provide good customer outcomes. The
Board oversee a suite of risk indicators and reporting metrics while the Underwriting Management Board provides
customer challenge. A non-executive Director fulfils the role of Consumer Duty Champion.
Group / strategic risk
This is the risk of contagion that arises from being associated with key stakeholders and the impact that activities
and events that occur within other connected or third parties has on the business.
Strategic risk covers the risks faced by the Syndicate due to changes in underlying strategy of the business or that
of its key stakeholders (including strategic conflicts of interest).
Group and Strategic Risk are monitored by the Managing Agency Board and the Board of Dale Partners Group
Limited.
Future developments and Going concern
The Syndicate will continue to transact the current classes of general direct insurance and reinsurance business. If
opportunities arise to write new classes of business, these will be investigated at the appropriate time.
The capacity for the 2026 year of account is $675m (2025 year of account $641m) – capacity figures have been
converted from GBP to USD at year end rates of exchange.
The Directors of the Managing Agent have assessed the Syndicate’s ability to continue as a going concern by
considering the available capital and any expected material changes to its operations. Based on the assessment,
they continue to adopt the going concern basis in preparing the financial statements.
Sustainability
The Managing Agency has had a Sustainability Forum in place since 2021. The Forum includes representation from
all functions and works to identify Sustainability priorities and connect Sustainability considerations across the
business.
Climate change
The Managing Agency has built a climate change framework, covering the physical, transition and liability climate
change risks, based on the underlying business written by the syndicate. We accept climate change risk where it is
an inherent part of an insurance business model, providing it is understood, managed and controlled and/or
compensated. There is no appetite for uncontrolled, unmanaged exposure to Climate Risks.
Dale Underwriting Partners | Syndicate 1729
22
A measure for climate change exposure within insurance risk appetites has been implemented to highlight where
time and resource is most required in order to manage the potential exposure and successfully steer portfolios
through global changes. The Syndicate has identified the level of climate change exposure in its business plans and
will manage this accordingly, with the ability to change the level of risk being taken in future and thereby amend the
oversight and monitoring framework.
The framework ensures Board-level engagement and accountability with the PRA’s requirements, assigning clear
responsibilities for managing the agency’s financial risks associated with climate change
Directors
Details of the Directors of the Managing Agent that were serving at the year end and up to the date of signing of the
Syndicate’s annual accounts are provided on page 18. There were no changes to Directors from the last report.
Disclosure of information to the auditors
So far as each person who was a director of the Managing Agent at the date of approving the report is aware, there
is no relevant audit information, being information needed by the Syndicate auditor in connection with the auditor's
report, of which the auditor is unaware. Having made enquiries of fellow Directors of the Agency and the Syndicate's
Auditors, each Director has taken all the steps that he or she ought to have taken as a director to become aware of
any relevant audit information and to establish that the Syndicate's auditor is aware of that information.
Auditors
The Managing Agent intends to reappoint Ernst & Young LLP as the Syndicate’s auditors.
Syndicate Annual General Meeting
In accordance with the Syndicate Meetings (Amendment No 1) Byelaw (No 18 of 2000) the Managing Agent does
not propose holding an annual meeting this year; objections to this proposal or the intention to reappoint the auditors
for a further 12 months can be made by Syndicate members before 20 March 2026.
On behalf of the Board
D H Dale
Director
20 February 2026
Dale Underwriting Partners | Syndicate 1729
23
Statement of Managing Agent's responsibilities
The Directors of the managing agent are responsible for preparing the Syndicate annual accounts in accordance
with applicable law and regulations.
The Insurance Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 require the
managing agent to prepare Syndicate annual accounts at 31 December each year in accordance with United
Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The
Syndicate annual accounts are required by law to give a true and fair view of the state of affairs of the Syndicate as
at that date and of its profit or loss for that year.
In preparing the Syndicate annual accounts, the Directors of the Managing Agent is required to:
• select suitable accounting policies and then apply them consistently subject to changes arising on the adoption
of new accounting standards in the year.
• make judgements and estimates that are reasonable and prudent;
• state whether applicable Accounting Standards have been followed, subject to any material departures
disclosed and explained in the notes to the Syndicate accounts; and
• prepare the Syndicate accounts on the basis that the Syndicate will continue to write future business unless it
is inappropriate to presume that the Syndicate will do so.
• prepare and review of the iXBRL tagging that has been applied to the Syndicate annual accounts in accordance
with the instructions issued by Lloyd’s, including designing, implementing and maintaining systems, processes
and internal controls to result in tagging that is free from material non-compliance with the instructions issued
by Lloyd’s, whether due to fraud or error.
The Directors of the Managing Agent are responsible for keeping adequate accounting records which disclose with
reasonable accuracy at any time the financial position of the Syndicate and enable it to comply with the Insurance
Accounts Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008. It is also responsible for
safeguarding the assets of the Syndicate and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors of the Managing Agent are responsible for the maintenance and integrity of the corporate and financial
information included on the business' website. Legislation in the United Kingdom governing the preparation and
dissemination of annual accounts may differ from legislation in other jurisdictions. The Directors confirm that they
have complied with the above requirements in preparing the financial statements.
Dale Underwriting Partners | Syndicate 1729
24
Independent auditor’s report
Independent auditor's report to the members of Dale Underwriting Partners Syndicate
1729
Opinion
We have audited the syndicate annual accounts of syndicate 1729 (‘the syndicate’) for the year ended 31 December
2025 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Changes
in Members’ Balances, the Balance Sheet, the Statement of Cash Flows and the related notes 1 to 29, including a
summary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law including The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts)
Regulations 2008, United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard
applicable in the UK and Republic of Ireland’ and FRS 103 ‘Insurance Contracts’ (‘United Kingdom Generally
Accepted Accounting Practice’), and Section 1 of the Lloyd’s Syndicate Accounts Instructions V3.1 as modified by
the Frequently Asked Questions Version 1.1 issued by Lloyd’s (‘the Syndicate Accounts Instructions’).
In our opinion, the syndicate annual accounts:
ï‚„ give a true and fair view of the syndicate’s affairs as at 31 December 2025 and of its profit for the year then
ended;
ï‚„ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
ï‚„ have been prepared in accordance with the requirements of The Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008 and the Syndicate Accounts Instructions.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), The Insurance
Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, the Syndicate Accounts
Instructions, and other applicable law. Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the syndicate annual accounts section of our report. We are independent of
the syndicate in accordance with the ethical requirements that are relevant to our audit of the syndicate annual
accounts in the UK, including the FRC’s Ethical Standard as applied to other entities of public interest, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the syndicate annual accounts, we have concluded that the managing agent’s use of the going concern
basis of accounting in the preparation of the syndicate annual accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the syndicate’s ability to continue as a going
concern for a period of 12 months from when the syndicate annual accounts are authorised for issue.
Our responsibilities and the responsibilities of the directors of the managing agent with respect to going concern are
described in the relevant sections of this report. However, because not all future events or conditions can be
predicted, this statement is not a guarantee as to the syndicate’s ability to continue as a going concern.
Other information
The other information comprises the information included in the Annual Report and Accounts, other than the
syndicate annual accounts and our auditor’s report thereon. The directors of the managing agent are responsible for
the other information contained within the Annual Report and Accounts.
Dale Underwriting Partners | Syndicate 1729
25
Our opinion on the syndicate annual accounts does not cover the other information and, except to the extent
otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the syndicate annual accounts or our knowledge obtained in the course of the audit or otherwise
appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements,
we are required to determine whether this gives rise to a material misstatement in the syndicate annual accounts
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other
information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by The Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008
In our opinion, based on the work undertaken in the course of the audit:
ï‚„ the information given in the managing agent’s report for the financial year in which the syndicate annual accounts
are prepared is consistent with the syndicate annual accounts; and
ï‚„ the managing agent’s report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the syndicate and its environment obtained in the course of the
audit, we have not identified material misstatements in the managing agent’s report.
We have nothing to report in respect of the following matters where The Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008 requires us to report to you, if in our opinion:
ï‚„ the managing agent in respect of the syndicate has not kept adequate accounting records; or
ï‚„ the syndicate annual accounts are not in agreement with the accounting records; or
ï‚„ certain disclosures of the managing agent’s emoluments specified by law are not made; or
ï‚„ we have not received all the information and explanations we require for our audit.
Responsibilities of the managing agent
As explained more fully in the Statement of Managing Agent’s Responsibilities on page 23, the directors of the
managing agent are responsible for the preparation of the syndicate annual accounts and for being satisfied that they
give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of
the syndicate annual accounts that are free from material misstatement, whether due to fraud or error.
In preparing the syndicate annual accounts, the directors of the managing agent are responsible for assessing the
syndicate’s ability to continue in operation, disclosing, as applicable, matters related to its ability to continue in
operation and using the going concern basis of accounting unless the directors of the managing agent either intends
to cease to operate the syndicate, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the syndicate annual accounts
Our objectives are to obtain reasonable assurance about whether the syndicate annual accounts as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these syndicate annual accounts.
Dale Underwriting Partners | Syndicate 1729
26
Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a
material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may
involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the managing agent and management.
Our approach was as follows:
• We obtained a general understanding of the legal and regulatory frameworks that are applicable to the syndicate
and determined that the most significant are direct laws and regulations related to elements of Lloyd’s Byelaws
and Regulations, and the financial reporting framework (UK United Kingdom Generally Accepted Accounting
Practice), and requirements referred to by Lloyd’s in the Syndicate Accounts instructions. Our considerations of
other laws and regulations that may have a material effect on the syndicate annual accounts included
permissions and supervisory requirements of Lloyd’s of London, the Prudential Regulation Authority (‘PRA’) and
the Financial Conduct Authority (‘FCA’).
• We obtained a general understanding of how the syndicate is complying with those frameworks by making
enquiries of management, internal audit, and those responsible for legal and compliance matters of the
syndicate. In assessing the effectiveness of the control environment, we also reviewed significant
correspondence between the syndicate, Lloyd’s of London and other UK regulatory bodies; reviewed minutes
of the Board and Risk Committee of the managing agent; and gained an understanding of the managing agent’s
approach to governance.
• For direct laws and regulations, we considered the extent of compliance with those laws and regulations as part
of our procedures on the related syndicate annual accounts’ items.
• For both direct and other laws and regulations, our procedures involved: making enquiries of the directors of the
managing agent and senior management for their awareness of any non-compliance of laws or regulations,
enquiring about the policies that have been established to prevent non-compliance with laws and regulations by
officers and employees, enquiring about the managing agent’s methods of enforcing and monitoring compliance
with such policies, and inspecting significant correspondence with Lloyd’s, the PRA and the FCA.
• The syndicate operates in the insurance industry which is a highly regulated environment. As such the Senior
Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had
the appropriate competence and capabilities, which included the use of specialists where appropriate.
• We assessed the susceptibility of the syndicate’s annual accounts to material misstatement, including how fraud
might occur by considering the controls that the directors of the managing agent have established to address
risks identified by them, or that otherwise seek to prevent, deter or detect fraud. We also considered areas of
significant judgement, complex transactions, performance targets, economic or external pressures and the
impact these have on the control environment. Where this risk was considered to be higher, we performed audit
procedures to address each identified fraud risk. The fraud risk was considered to be higher within the valuation
of gross and net incurred but not reported (IBNR) reserves and recognition of estimated premium income.
Our audit procedures included:
• Reviewing accounting estimates for evidence of management bias. We assessed if there were any indicators of
management bias in the valuation of gross and net IBNR reserves, which included the support of our Actuaries,
and the recognition of estimated premium income;
• Evaluating the business rationale for significant and/or unusual transactions; and
• Testing the appropriateness of journal entries recorded in the general ledger, particularly in respect of
judgemental areas including gross and net IBNR reserves and estimated premium income.
A further description of our responsibilities for the audit of the annual accounts is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Dale Underwriting Partners | Syndicate 1729
27
Other matter
Our opinion on the syndicate annual accounts does not cover the iXBRL tagging included within these syndicate
annual accounts, and we do not express any form of assurance conclusion thereon.
Use of our report
This report is made solely to the syndicate’s members, as a body, in accordance with The Insurance Accounts
Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008. Our audit work has been undertaken so
that we might state to the syndicate’s members those matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the syndicate and the syndicate’s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Robert Bruce (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
20 February 2026
Dale Underwriting Partners | Syndicate 1729
28
Statement of profit or loss and other comprehensive
income
Technical account – general business
For the year ended 31 December 2025
| 2025 | 2024 | ||
Note | $’000 | $’000 | |
Gross premiums written | 5 | ||
Outward reinsurance premiums | ( | ( | |
Premiums written, net of reinsurance | |||
Changes in unearned premium | |||
Change in the gross provision for unearned premiums | 17 | ( | ( |
| Change in the provision for unearned premiums reinsurers’ share | 17 | ||
Net change in provisions for unearned premiums | ( | ( | |
Earned premiums, net of reinsurance | |||
Allocated investment return transferred from the non-technical account | 9 | ||
| Claims paid | |||
Gross amount | ( | ( | |
| Reinsurers’ share | |||
Net claims paid | ( | ( | |
| Change in the provision for claims | |||
Gross amount | 17 | ( | ( |
| Reinsurers’ share | 17 | ( | |
Net change in provision for claims | ( | ( | |
Claims incurred, net of reinsurance | ( | ( | |
| Net operating expenses | 6 | ( | ( |
| Balance on the technical account – general business |
Dale Underwriting Partners | Syndicate 1729
29
Statement of profit or loss and other comprehensive income
(continued)
Non-technical account – general business
For the year ended 31 December 2025
| 2025 | 2024 | ||
Note | $’000 | $’000 | |
| Balance on the technical account – general business | |||
Investment income | 9 | ||
| Realised gains on investments | 9 | ||
| Unrealised gains on investments | 9 | ||
Investment expenses and charges | 9 | ( | ( |
Total investment return | |||
Allocated investment return transferred to the general business technical account | ( | ( | |
| Loss on foreign exchange | ( | ( | |
Profit for the financial year | |||
| Other comprehensive income | |||
Currency translation gains/(losses) | |||
| Total comprehensive income for the year |
All the amounts above are in respect of continuing operations.
The notes on pages 33 to 57 form part of these financial statements.
Statement of changes in members' balances
For the year ended 31 December 2025
| 2025 | 2024 | ||
Note | $’000 | $’000 | |
| Members’ balances brought forward at 1 January | |||
Total comprehensive income for the year | |||
Members' agent's fees | ( | ||
Other | ( | ( | |
| Payments of loss/(profit) to members’ personal reserve funds | ( | ||
Losses collected in relation to distribution on close of underwriting year | ( | ||
| Members’ balances carried forward at 31 December |
Dale Underwriting Partners | Syndicate 1729
30
Balance sheet – Assets
As at 31 December 2025
| 2025 | 2024 | ||
Note | $’000 | $’000 | |
| Financial investments | 11 | ||
| Deposits with ceding undertakings | |||
Investments | |||
| Provision for unearned premiums | 17 | ||
| Claims outstanding | 17 | ||
Reinsurers' share of technical provisions | |||
| Debtors arising out of direct insurance operations | 12 | ||
| Debtors arising out of reinsurance operations | 13 | ||
| Other debtors | 14 | ||
Debtors | |||
| Cash at bank and in hand | 21 | ||
| Other | 22 | ||
Other assets | |||
| Deferred acquisition costs | 15 | ||
| Other prepayments and accrued income | |||
Prepayments and accrued income | |||
Total assets |
The notes on pages 33 to 57 form part of these financial statements.
Dale Underwriting Partners | Syndicate 1729
31
Balance sheet – Liabilities
As at 31 December 2025
| 2025 | 2024 | ||
Note | $’000 | $’000 | |
| Members’ balances | |||
Total capital and reserves | |||
| Provision for unearned premiums | 17 | ||
| Claims outstanding | 17 | ||
Technical provisions | |||
| Creditors arising out of direct insurance operations | 18 | ||
| Creditors arising out of reinsurance operations | 19 | ||
| Other Creditors | 20 | ||
Creditors | |||
Accruals and deferred income | |||
Total liabilities | |||
Total liabilities, capital and reserves |
The notes on pages 33 to 57 form part of these financial statements.
The financial statements on pages 28 to 31 were approved by board of Dale Managing Agency Limited on 20
February 2026 and were signed on its behalf by:
C A McCarthy
Finance Director
20 February 2026
Dale Underwriting Partners | Syndicate 1729
32
Statement of cash flows
For the year ended 31 December 2025
| 2025 | 2024 | ||
Note | $’000 | $’000 | |
| Cash flows from operating activities | |||
| Profit for the financial year | |||
| Adjustments: | |||
Increase in gross technical provisions | |||
| Decrease/(Increase) in reinsurers’ share of gross technical provisions | ( | ||
(Increase) in debtors | ( | ( | |
(Decrease) in creditors | ( | ( | |
Movement in other assets/liabilities | ( | ( | |
Foreign exchange profit | |||
Investment return | ( | ( | |
| Net cash flows generated from operating activities | |||
| Cash flows from investing activities | |||
Purchase of financial investments | ( | ( | |
Sale of financial instruments | |||
Investment income received | |||
(Increase)/Decrease in deposits with ceding undertakings | ( | ||
| Net cash flows used in investing activities | ( | ( | |
| Cash flows from financing activities | |||
| Collection from members’ personal reserve funds | ( | ||
Distribution of profit | |||
| Members’ agents fee advances | ( | ( | |
| Net cash flows used in from financing activities | ( | ||
| Net increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the year | |||
Foreign exchange on cash and cash equivalents | ( | ||
| Cash and cash equivalents at the end of the year | 21 |
Dale Underwriting Partners | Syndicate 1729
33
Notes to the financial statements – (forming part of the
financial statements)
For the year ended 31 December 2025
1. Basis of preparation
Statement of compliance
The Syndicate comprises a group of members of the Society of Lloyd’s that underwrites insurance business in the
London Market. The address of the Syndicate’s managing agent is shown on page 3.
The financial statements have been prepared in accordance with, the Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008 and applicable Accounting Standards in the United Kingdom
and the Republic of Ireland, including Financial Reporting Standard 102 (FRS 102), Financial Reporting Standard
103 (FRS 103) in relation to insurance contracts, and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as
modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.
The financial statements have been prepared under the historical cost convention except for certain financial
instruments which are measured at fair value.
As permitted by FRS 103 the Syndicate continues to apply the existing accounting policies that were applied prior to
this standard for its insurance contracts.
The Syndicate has financial resources to meet its financial needs and manages its portfolio of insurance risk. The
Directors have continued to review the business plans, liquidity and operational resilience of the Syndicate and are
satisfied that the Syndicate is well positioned to manage its business risks in the current economic environment. The
Syndicate 2026 year of account has opened, and the Directors have concluded that the Syndicate has sufficient
resources to, and a reasonable expectation that it will, open a 2027 year of account. The Syndicate has sufficient
capital for each year of account in its Funds at Lloyd’s (FAL). There is no intention to cease underwriting or cease
the operations of the Syndicate. Accordingly, the Directors of the Managing Agent continue to adopt the going
concern basis in preparing the annual report and financial statements.
The financial statements are presented in USD which is also the Syndicate’s functional currency.
All amounts have been rounded to the nearest thousand, unless otherwise indicated.
2. Use of judgement and estimates
In preparing these financial statements, the directors of the Managing Agent have made judgements, estimates and
assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the accounts, and the reported amounts of income and expenses during the reporting period.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future period affected. In particular, information
about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are addressed below:
(i) provision for claims outstanding (refer to claims incurred accounting policy).
(ii) estimates of future premium for binder contracts (refer to gross premiums accounting policy).
In arriving at the level of claims provisions a management margin (margin) is applied over and above the actuarial
best estimate, ensuring that relevant sources of uncertainty, especially those outside the scope of traditional actuarial
modelling are appropriately considered by management. The margin improves financial statement reliability and
aligns with the Director’s responsibility to present a complete and prudent view of the company’s liabilities. A margin
of $36.0m is held within general Syndicate loss reserves, representing 6.6% of total Syndicate gross loss reserves
and 7.4% of total Syndicate net loss reserves. As at prior year end, no margin was held.
3. Significant accounting policies
The following principal accounting policies have been applied consistently in dealing with items which are considered
material in relation to the Syndicate’s annual accounts.
Dale Underwriting Partners | Syndicate 1729
34
Gross premiums
Gross written premiums comprise the total premiums receivable for the whole period of cover provided by the
contracts entered into during the reporting period, regardless of whether these are wholly due for payment in the
reporting period, together with any adjustments arising in the reporting period to such premiums receivable in respect
of business written in prior reporting periods. They are recognised on the date on which the policy commences.
Gross written premiums are stated gross of brokerage payable and exclude taxes and duties levied on them.
Other key estimates contained within the syndicate close process are premium estimates and the earning pattern of
recognising premium over the life of the contract. In the syndicate the premium written is initially based on the
estimated premium income (‘EPI’) of each contract. Where premium is sourced through binders, the binder EPI is
pro-rated across the binder period. This is done on a straight-line basis. The underwriters adjust their EPI estimates
as the year of account matures. As the year of account closes premiums are adjusted to match the actual signed
premium. An accrual for estimated future reinstatement premiums is retained. Premiums are earned on a straight-
line basis over the life of each contract. At a portfolio level this is considered to provide a reasonable estimate for the
full year of the pattern of risk over the coverage period.
Reinsurance premiums
Reinsurance written premiums comprise the total premiums payable for the whole cover provided by contracts
entered into the period, including portfolio premiums payable, and are recognised on the date on which the policy
incepts. Premiums include any adjustments arising in the accounting period in respect of reinsurance contracts
incepting in prior accounting periods. They are recognised on the date on which the policy commences.
Claims incurred
Claims incurred comprise claims and settlement expenses (both internal and external) paid in the year and the
movement in provision for outstanding claims and settlement expenses, including an allowance for the cost of claims
incurred by the balance sheet date, but not reported until after the year end.
The provision for claims comprises amounts set aside for claims notified and claims incurred, but not yet reported
(IBNR).
The amount included in respect of IBNR is based on statistical techniques of estimation applied by actuaries. These
techniques generally involve projecting from past experience of the development of claims over time to form a view
of the likely ultimate claims to be experienced for more recent underwriting, having regard to variations in the business
accepted and the underlying terms and conditions. The provision for claims also includes amounts in respect of
internal and external claims handling costs. For the most recent years, where a high degree of volatility arises from
projections, estimates may be based in part on output from rating and other models of the business accepted and
assessments of underwriting conditions.
The Syndicate supplies loss funds to Third Party Agents to facilitate the speedy settlement of claims. All of the loss
funds utilise the LMA TPA contract which outline the necessary process for the handling and management of the
loss fund. Loss funds are recorded against claims paid and deducted from the IBNR calculation.
The reinsurers’ share of provisions for claims is based on calculated amounts of outstanding claims and projections
for IBNR, net of estimated irrecoverable amounts, having regard to the reinsurance programme in place for the class
of business and the claims experience for the year. The Syndicate uses a number of statistical techniques to assist
in making these estimates.
Accordingly, the two most critical assumptions as regards claims provisions are that the past is a reasonable predictor
of the likely level of claims development and that the rating and other models used for current business are fair
reflections of the likely level of ultimate claims to be incurred.
The directors consider that the provisions for gross claims and related reinsurance recoveries are fairly stated on the
basis of the information currently available to them. However, ultimate liability will vary as a result of subsequent
information and events and this may result in significant adjustments to the amounts provided.
Adjustments to the amounts of claims provisions established in prior years are reflected in the financial statements
for the period in which the adjustments are made. The methods used, and the estimates made, are reviewed
regularly.
Dale Underwriting Partners | Syndicate 1729
35
Reinsurance to close (RITC)
The underwriting accounts for each year of account are normally kept open for three years before the result on that
year is determined. At the end of the three-year period, outstanding liabilities can normally be determined with
sufficient accuracy to permit the year of account to be closed by payment of a reinsurance to close premium to the
successor year of account.
The reinsurance to close premium is determined on the basis of estimated outstanding liabilities and related claims
settlement costs (including claims incurred but not reported), net of estimated collectible reinsurance recoveries,
relating to the closed year of account and all prior years of account reinsured therein.
The reinsurance to close contract transfers the liability in respect of all claims, reinsurance premiums, return premiums
and other payments in respect of the closing year and prior years to the Names on the next open year in so far as they
have not been provided for in these accounts. It gives the Names on the next open year the benefit of refunds, recoveries,
premiums due and other income in respect of those years in so far as they have not been credited in these accounts. The
reinsurance to close is treated as the extinguishment of the related net insurance liabilities for the closed underwriting year.
Provisions for unearned premiums
Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the
reporting date. In respect of general insurance business, written premiums are recognised as earned over the period
of the policy on a time apportionment basis having regard where appropriate, to the incidence of risk. The proportion
attributable to subsequent periods is deferred as a provision for unearned premiums.
Unearned reinsurance premiums are those proportions of premiums written in a year that relate to periods of risk
after the reporting date. Unearned reinsurance premiums are deferred over the term of the underlying insurance
policies for risks-attaching contracts and over the term of the reinsurance contract for losses-occurring contracts.
Unexpired risks
A provision for unexpired risks is made where claims and related expenses likely to arise after the end of the financial
period in respect of contracts concluded before that date, are expected to exceed the unearned premiums and
premiums receivable under these contracts, after the deduction of any acquisition costs deferred.
The provision for unexpired risks is calculated separately by reference to classes of business which are managed
together, after taking into account relevant investment return.
At 31 December 2025 and 31 December 2024 the Syndicate did not have an unexpired risk provision.
Deferred acquisition costs
Acquisition costs comprise costs arising from the conclusion of insurance contracts. They include both direct costs,
such as intermediary commissions or the cost of drawing up the insurance document or including the insurance
contract in the portfolio, and indirect costs, such as the advertising costs or the administrative expenses connected
with the processing of proposals and the issuing of policies.
Deferred acquisition costs are costs arising from conclusion of insurance contracts that are incurred during the
reporting period but which relate to a subsequent reporting period and which are carried forward to subsequent
reporting periods.
Deferred acquisition costs are amortised over the period in which the related premiums are earned.
Reinsurance assets
The Syndicate cedes insurance risk in the normal course of business. Reinsurance assets represent balances due
from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with the
outstanding claims provision or settled claims associated with the reinsurer's policies and are in accordance with the
related reinsurance contract.
Reinsurance assets are reviewed for impairment at each reporting date, or more frequently, when an indication of
impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an
event that occurred after initial recognition of the reinsurance asset that the Syndicate may not receive all outstanding
amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that
the Syndicate will receive from the reinsurer. The impairment loss is recorded in the income statement.
Gains or losses on buying reinsurance are recognised in the income statement immediately at the date of purchase
and are not amortised. There were no such gains recognised in 2025 or 2024.
Ceded reinsurance arrangements do not relieve the Syndicate from its obligations to policyholders.
Dale Underwriting Partners | Syndicate 1729
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Debtors and creditors
Insurance debtors and creditors include amounts due to and from agents, brokers and insurance contract holders.
These are classified as debt instruments as they are non-derivative financial assets with fixed or determinable
payments that are not quoted on an active market. Insurance debtors are measured at amortised cost less any
provision for impairments. Insurance creditors are stated at amortised cost. The Syndicate does not have any debtors
directly with policyholders, all transactions occur via an intermediary.
Reinsurance debtors and creditors include amounts due to and from reinsurers. These are classified as debt
instruments as they are non-derivative financial assets with fixed or determinable payments that are not quoted on
an active market. Reinsurance debtors are measured at amortised cost less any provision for impairments.
Reinsurance creditors are stated at amortised cost. Reinsurance debtor principally relates to claims recoveries where
the underlying claim has been settled and the recovery is due. Reinsurance creditors are primarily premiums payable
for reinsurance contracts and are recognised as an expense when due.
Other debtors principally consist of amounts due from members and sundry debtors and are carried at amortised
cost less any impairment losses. Other creditors principally consist of amounts due to related syndicates and other
related entities, profit commissions payable and other sundry payables. These are stated at amortised cost
determined using the effective interest rate method.
Bad Debt
Bad debts for provided for only where specific information is available to suggest a debtor may be unable to unwilling
to settle its debt to the Syndicate. The provision is calculated on a case-by-case basis.
Foreign currencies
The Syndicate's functional and presentational currency is USD. It’s reporting currency is GBP for reporting to Lloyd’s.
Transactions denominated in currencies other than the functional currency are initially recorded in the functional
currency at the exchange rate ruling at the date of the transactions. Monetary assets and liabilities (which include all
assets and liabilities arising from insurance contracts including unearned premiums and deferred acquisition costs)
denominated in foreign currencies are retranslated into the functional currency at the exchange rate ruling on the
reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate as at the date of the initial transaction and are not subsequently restated. Non-monetary items
denominated in a foreign currency, measured at fair value are translated into the functional currency using the
exchange rate ruling at the date when the fair value was determined.
Exchange differences arising on translation of foreign currencies are recorded in the non-technical account.
Financial liabilities
The Syndicate's financial liabilities include trade and other payables, borrowings and insurance payables, where
applicable. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of
directly attributable transaction costs.
A financial liability is derecognised when the obligation under the liability is discharged or expires.
Financial investments
The Syndicate classifies its financial investments as either financial assets at fair value through profit or loss, loans
and receivables or available for sale. The Syndicate determines the classification of its financial assets at initial
recognition. Financial assets are initially recognised at fair value plus, in the case of instruments not at fair value
through profit or loss, directly attributable transaction costs.
The classification depends on the purpose for which the investments were acquired or originated. In general, financial
assets are classified as fair value through profit or loss as the Syndicate's documented investment strategy is to
manage financial investments acquired on a fair value basis.
All regular way purchases and sales of financial assets are recognised on the trade date, i.e. the date the Syndicate
commits to purchase or sell the asset. Regular way purchases or sales of financial assets
require delivery of assets within the time frame generally established by regulation or convention in the market place.
These investments are initially recorded at fair value. Subsequent to initial recognition, these investments are re-
measured at fair value at each reporting date. Fair value adjustments and realised gains and losses are recognised
in the income statement.
Dale Underwriting Partners | Syndicate 1729
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The Syndicate uses the following hierarchy for determining the fair value of financial instruments by valuation
technique:
• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
• Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly.
• Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based
on observable market data.
Investment return
Investment return comprises all investment income, realised investment gains and losses and movements in
unrealised gains and losses, net of investment expenses, charges and interest.
Realised gains and losses on investments carried at market value are calculated as the difference between sale
proceeds and purchase price. Movements in unrealised gains and losses on investments represent the difference
between the valuation at the balance sheet date, together with the reversal of unrealised gains and losses recognised
in earlier accounting periods in respect of investment disposals in the current period.
Investment return is initially recorded in the non-technical account. A transfer is made from the non-technical account
to the general business technical account to reflect the investment return on funds supporting underwriting business.
Taxation
Under Schedule 19 of the Finance Act 1993 managing agents are not required to deduct basic rate income tax from
trading income. In addition, all UK basic rate income tax (currently at 20%) deducted from Syndicate investment
income is recoverable by managing agents and consequently the distribution made to members or their members’
agents is gross of tax. Capital appreciation falls within trading income and is also distributed gross of tax.
No provision has been made for any other overseas tax payable by members on underwriting results or investment
earnings. Any payments on account made by the Syndicate during the year have been included in the balance sheet
under the heading ‘other debtors’.
Profit commission
Profit commission is charged by the Managing Agent at a rate of 17.5% on the profit on a year of account basis
subject to a 2 year deficit clause. Such commission does not become payable until after the appropriate year of
account closes normally at 36 months.
Pension costs
The Managing Agent operates a defined contribution scheme. Pension contributions to Syndicate staff are charged
to the Syndicate and included within net operating expenses.
Syndicate operating expenses
Certain expenses incurred by the Managing Agent or Service Company (Dale Syndicate Services Limited) may be
apportioned to the Syndicate using an agreed allocation matrix.
Cash and cash equivalents
Cash and cash equivalents consist of cash and money market deposits with banks.
Overseas deposits
Overseas deposits are lodged as a condition of conducting underwriting business in certain territories. They are
recorded at market value taken from statements provided by Lloyd’s.
Members’ balances
Members’ balances represent Syndicate profits or losses attributable to Members net of any early releases to
Members or cash calls received from Members.
Collateral
The Syndicate receives and pledges collateral in the form of cash or non-cash assets in respect of reinsurance
arrangements in order to reduce the credit risk of these transactions. The amount and type of collateral required
where the Syndicate receives collateral depends on an assessment of the credit risk of the counterparty. All collateral
received and held in trust by third parties is not recognised in the statement of financial position, unless the
counterparty defaults on its obligations under the relevant agreement.
Dale Underwriting Partners | Syndicate 1729
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4. Risk and capital management
Introduction and overview
This note presents information about the nature and extent of insurance and financial risks to which the Syndicate is
exposed, the Managing Agent’s objectives, policies and processes for measuring and managing insurance and
financial risks, and for managing the Syndicate’s capital.
Risk management framework
The Syndicate's risk and financial management framework aims to protect the Syndicate's members capital from
events that might otherwise prevent the Syndicate from meeting its policyholder obligations, while maximising the
returns to its members. The directors recognise the critical importance of having efficient and effective risk
management systems in place.
The Managing Agency maintains a risk management function for the Syndicate with clear terms of reference from
the Board, its committees and sub committees. The Syndicate policy framework sets its risk management and control
and business conduct standards for operations. Dale reviews and monitors each policy to ensure compliance.
The Board approves the risk management policies and meets regularly to approve any commercial, regulatory and
organisational requirements of such policies. These policies define the identification of risk and its interpretation to
ensure the appropriate quality and diversification of assets, align underwriting and reinsurance strategy to the
Syndicate goals, and specify reporting requirements.
The Board places significant emphasis on the assessment and documentation of risks and controls, including the
articulation of the Syndicate's risk appetite.
A) Insurance risk
The principal risk the Syndicate faces under insurance contracts is that the actual claims and benefit payments or
the timing thereof, differ from expectations. This is influenced by the frequency of claims, severity of claims, actual
benefits paid and subsequent development of long-term claims. Therefore, the objective of the Syndicate is to ensure
that sufficient reserves are available to cover these liabilities. Market factors, such as inflation and pricing adequacy,
need to be sufficiently taken account of in order to help mitigate this risk.
The Syndicate purchases reinsurance as part of its risk mitigation programme. Reinsurance ceded is placed on both
a proportional and non-proportional basis. The majority of proportional reinsurance is quota-share reinsurance which
is to reduce the overall exposure to certain classes of business. Non-proportional reinsurance is primarily excess-of-
loss reinsurance designed to mitigate the Syndicate's net exposure to single risk and catastrophe losses. Retention
limits for the excess-of-loss reinsurance vary by product line and territory. Amounts recoverable from reinsurers are
estimated in a manner consistent with the outstanding claims provision and are in accordance with the reinsurance
contracts. The Syndicate's placement of reinsurance is diversified such that it is neither dependent on a single
reinsurer nor are the operations substantially dependent upon any single reinsurance contract.
The Reserve Committee, a sub-committees of the Managing Agency Audit Committee, oversee the management of
reserve risk. The use of standardised and internal modelling techniques, as well as benchmarking and the review of
claims development are key in mitigating reserving risk. The purpose of these underwriting, reinsurance and
reserving strategies is to limit exposure to catastrophes or large losses based on the Syndicate's risk appetite as
determined by the Managing Agency board.
The Syndicate uses both its own and commercially available risk management software to assess catastrophe
exposure. However, there is always a risk that the assumptions and techniques used in these models are unreliable
or that claims arising from an unmodelled event are greater than those arising from a modelled event.
As a further guide to the level of catastrophe exposure written by the Syndicate, the following table shows hypothetical
claims arising out of the Realistic Disaster Scenario (RDS) on the Syndicates in-force exposure at 31 December
2025:
AEP Losses
The AEP losses are probabilistic modelled losses for the Syndicate’s critical catastrophe peril regions and overall
natural catastrophe risk assessment at the 1/30 return period, using an AEP view (AEP = aggregate exceedance
probability, i.e. all events in a simulated year as opposed to the single largest, Occurrence EP).
Dale Underwriting Partners | Syndicate 1729
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Estimated Gross
loss
Estimated Net
loss
$’000
$’000
AEP Loss 30 Year Return Period – Whole World
(202,013)
(92,906)
AEP loss 30 Year Return Period – North Atlantic Windstorm
(141,485)
(51,201)
AEP loss 30 Year Return Period – North American Earthquake (US and Canada)
(42,989)
(17,470)
RDS losses which are deterministic events
Estimated Gross
loss
Estimated Net
loss
$’000
$’000
Alternative Scenario A – Katrina/Maria WS (two events)
(156,182)
(67,329)
Gulf of Mexico Windstorm
(228,696)
(53,269)
California Earthquake – Los Angeles
(98,570)
(38,387)
Loss of Major Complex
(68,438)
(17,576)
Liability 1 – Medical Malpractice US
(27,477)
(13,321)
Key assumptions
The principal assumption underlying the liability estimates is that the future claims development will follow a similar
pattern to past claims development experience. This includes assumptions in respect of average claim costs, claim
handling costs, claim inflation factors and claim numbers for each underwriting year. Additional qualitative
judgements are used to assess the extent to which past trends may not apply in the future, for example, one-off
occurrences, changes in market factors such as public attitude to claiming, economic conditions, as well as, internal
factors such as portfolio mix, policy conditions and claims handling procedures. Judgement is further used to assess
the extent to which external factors such as judicial decisions and government legislation affect the estimates.
Other key circumstances affecting the reliability of assumptions include variation in interest rates, delays in settlement
and changes in foreign currency rates.
Sensitivity to insurance risk
The claim liabilities are sensitive to the key assumptions that follow. It has not been possible to quantify the sensitivity
of certain assumptions such as legislative changes or uncertainty in the estimation process including, but not limited
to, the effect of inflation on future claim liabilities. The following analysis is performed for reasonably possible
movements in key assumptions with all other assumptions held constant, showing the impact on gross and net
liabilities. The correlation of assumptions will have a significant effect in determining the ultimate claims liabilities, but
to demonstrate the impact due to changes in assumptions, assumptions have been changed on an individual basis.
General insurance business sensitivities as at 31 December 2025 | Sensitivity | |
+5.0% | -5.0% | |
| $’000 | $’000 | |
| Claims outstanding – gross of reinsurance | ( | |
| Claims outstanding – net of reinsurance | ( |
General insurance business sensitivities as at 31 December 2024 | Sensitivity | |
+5.0% | -5.0% | |
| $’000 | $’000 | |
| Claims outstanding – gross of reinsurance | ( | |
| Claims outstanding – net of reinsurance | ( |
The method used for deriving sensitivity information and significant assumptions did not change from the previous
period.
B) Financial risk
The focus of financial risk management for the Syndicate is ensuring that the proceeds from its financial assets are
sufficient to fund the obligations arising from its insurance contracts. The goal of the investment management process
Dale Underwriting Partners | Syndicate 1729
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is to optimise the risk adjusted investment income and risk adjusted total return by investing in a diversified portfolio
of securities, whilst ensuring that the assets and liabilities are managed on a cash flow and duration matching basis.
a. Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to
honour their obligation. The following policy and procedure are in place to mitigate the Syndicate exposure to credit
risk.
Reinsurance is placed with counterparties that have a good credit rating and concentration of risk is avoided by
following policy guidelines in respect of counterparties' limits. If the counterparty is downgraded or does not have a
good credit rating, then collateral is sought to mitigate any risk. This is monitored by the Credit Committee.
i. Exposure to credit risk
The table below provides information regarding the credit risk exposure of the Syndicate at 31 December 2025 by
classifying assets according to independent credit ratings of the counterparties. AAA is the highest possible rating.
Assets that fall outside the range of AAA to BBB are classified as speculative grade and have not been rated, Debtors,
other than amounts due from reinsurers, have been excluded from the table as these are not rated.
| AAA | AA | A | BBB | Other | Not rated | Total | |
| 2025 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Shares and other variable yield securities and units in unit trusts | |||||||
Debt securities and other fixed income securities | |||||||
Participation in investment pools | |||||||
Loans to central fund | |||||||
Other assets/overseas deposits | 8,507 | 3,693 | 2,497 | 1,086 | 1,316 | 1,743 | 18,842 |
Deposits with ceding undertakings | |||||||
Reinsurers share of claims outstanding | |||||||
Debtors arising out of direct insurance operations | |||||||
Debtors arising out of reinsurance operations | |||||||
Cash and cash equivalents | |||||||
Other debtors and accrued interest | |||||||
Total |
| AAA | AA | A | BBB | Other | Not rated | Total | |
| 2024 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Shares and other variable yield securities and units in unit trusts | |||||||
Debt securities and other fixed income securities | |||||||
Participation in investment pools | |||||||
Loans to central fund | |||||||
Other assets/overseas deposits | 7,055 | 1,713 | 1,455 | 981 | 983 | 1,503 | 13,690 |
Deposits with ceding undertakings | |||||||
Reinsurers share of claims outstanding | |||||||
Debtors arising out of direct insurance operations | |||||||
Debtors arising out of reinsurance operations | |||||||
Cash and cash equivalents | |||||||
Other debtors and accrued interest | |||||||
Total |
Dale Underwriting Partners | Syndicate 1729
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The Managing Agency Board’s policy is that the Syndicate will only reinsure with approved reinsurers. The reinsurers’
that are shown in the tables above are fully collateralised.
Maximum credit exposure
It is the Syndicate's policy to maintain accurate and consistent risk ratings across its credit portfolio. This enables
management to focus on the applicable risks and the comparison of credit exposures across all lines of business.
During the year, no credit exposure limits were exceeded.
ii. Financial assets that are past due or impaired
The table below show the maximum exposure to credit risk (including an analysis of financial assets exposed to
credit risk) for the components of the statement of financial position. The maximum exposure is shown gross, before
the effect of mitigation through collateral agreements and the use of credit derivatives.
As at the year-end date, the Syndicate had Letters of Credits in place with some of its reinsurers held as collateral
amounting to $82.3m (2024: $35.6m).
2025
Neither
past due
nor
impaired
Past due but not impaired
assets
Gross
value of
impaired
assets
Total
$’000
$’000
$’000
$’000
Shares and other variable yield securities and
units in unit trusts
Debt securities and other fixed income securities
Participation in investment pools
Loans to central fund
Other assets/overseas deposits
18,842
-
-
18,842
Deposits with ceding undertakings
Reinsurers share of claims outstanding
Debtors arising out of direct insurance operations
Debtors arising out of reinsurance operations
Cash and cash equivalents
Other debtors and accrued interest
Total
2024
Neither
past due
nor
impaired
Past due but not
impaired assets
Gross
value of
impaired
assets
Total
$’000
$’000
$’000
$’000
Shares and other variable yield securities and units in
unit trusts
Debt securities and other fixed income securities
Participation in investment pools
Loans to central fund
Other assets/overseas deposits
13,690
-
-
13,690
Deposits with ceding undertakings
Reinsurers share of claims outstanding
Debtors arising out of direct insurance operations
Debtors arising out of reinsurance operations
Cash and cash equivalents
Other debtors and accrued interest
Total
Dale Underwriting Partners | Syndicate 1729
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The table below sets out the age analysis of financial assets that are past due but not impaired at the balance sheet
date.
2025
0-3
months
past due
3-6
months
past due
6-12
months
past due
Greater
than 1 year
past due
Total
$’000
$’000
$’000
$’000
$’000
Debtors arising out of direct insurance operations
Debtors arising out of reinsurance operations
Total
2024
0-3
months
past due
3-6
months
past due
6-12
months
past due
Greater
than 1 year
past due
Total
$’000
$’000
$’000
$’000
$’000
Debtors arising out of direct insurance operations
Debtors arising out of reinsurance operations
Total
b. Liquidity risk
Liquidity risk is the risk that the Syndicate may not have enough cash to pay insurance claims and other liabilities.
The Syndicate tries to reduce this risk by reviewing its expected cash obligations on a quarterly basis and keeping
adequate cash on deposit to meet those obligations.
The table below summarises the maturity profile of the Syndicate's financial liabilities based on remaining
undiscounted contractual obligations, including interest payable and outstanding claim liabilities based on the
estimated timing of claim payments resulting from recognised insurance liabilities. Repayments which are subject to
notice are treated as if notice were to be given immediately.
2025
No maturity
stated
0-1 Year
1-3 Years
3-5 Years
>5 Years
Total
$’000
$’000
$’000
$’000
$’000
$’000
Claims outstanding
Creditors
Total
2024
No maturity
stated
0-1 Year
1-3 Years
3-5 Years
>5 Years
Total
$’000
$’000
$’000
$’000
$’000
$’000
Claims outstanding
Creditors
Total
c. Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument or insurance contract will
fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency
risk and other price risk.
The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return on risk. The nature of the Syndicate exposures to market risk and its
objectives, policies and processes for managing market risk have not changed significantly from the prior year.
For each of the major components of market risk the Syndicate has policies and procedures in place which detail
how each risk should be managed and monitored. The management of each of these major components of major
risk and the exposure of the Syndicate at the reporting date to each major risk are addressed below.
Dale Underwriting Partners | Syndicate 1729
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i. Interest rate risk
Interest rate risk is the risk that the value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Floating rate instruments expose the Syndicate to cash flow interest risk, whereas
fixed rate instruments expose the Syndicate to fair value interest risk. The Syndicate has no significant concentration
of interest rate risk. Insurance liabilities are not discounted and therefore not exposed to interest rate risk.
The analysis below is performed for reasonably possible movements in interest rates with all other variables held
constant, showing the impact on profit and members’ balance of the effects of changes in interest rates on fixed rate
financial assets and liabilities. This measures the impact on profit or loss for the year (for items at fair value through
profit or loss) and on members’ balance (for available for sale investments) that would arise from a reasonably
possible change in interest rates at the reporting date on financial instruments at the period end.
Sensitivity to changes in Interest rates
2025
2024
Impact on
results
before tax
Impact on
members’
balances
Impact on
results
before tax
Impact on
members’
balances
$’000
$’000
$’000
$’000
Interest rate risk
+ 50 basis points shift in yield curves
(1,146 )
(2,581 )
(4,086 )
(4,086 )
- 50 basis points shift in yield curves
The method used for deriving sensitivity information and significant variables did not change from the previous period.
ii. Currency risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
The Syndicate's functional currency is US Dollars and its exposure to foreign exchange risk arises primarily with
respect to transactions in EUR, JPY, GBP and CAD. The Syndicate seeks to mitigate the risk by matching the
estimated foreign currency denominated liabilities with assets denominated in the same currency.
The table below summarises the exposure of the financial assets and liabilities to foreign currency exchange risk at
the reporting date, as follows:
Sterling
US dollar
Euro
Canadian
dollar
Japanese
Yen
Total
2025
$’000
$’000
$’000
$’000
$’000
$’000
Investments
Reinsurers’ share of technical
provisions
Debtors
Other assets
Prepayments and accrued income
Total assets
Technical provisions
(77,826 )
(681,192 )
(25,043 )
(28,038 )
(1,057 )
(813,156 )
Creditors
(16,537 )
(20,825 )
(2 )
(35,729 )
Accruals and deferred income
(10,209 )
(100 )
(10,309 )
Total liabilities
(104,572 )
(702,117 )
(24,561 )
(26,885 )
(1,059 )
(859,194 )
Total capital and reserves
(7,843 )
(172,367 )
(16,268 )
(180,292 )
Dale Underwriting Partners | Syndicate 1729
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Sterling
US dollar
Euro
Canadian
dollar
Japanese
Yen
Total
2024
$’000
$’000
$’000
$’000
$’000
$’000
Investments
Reinsurers’ share of technical
provisions
(167 )
(890 )
Debtors
(28,899 )
Other assets
Prepayments and accrued income
Total assets
Technical provisions
(49,052 )
(647,755 )
(21,865 )
(14,076 )
(875 )
(733,623 )
Creditors
(3,608 )
(31,704 )
(1,523 )
(1,333 )
(19 )
(38,187 )
Accruals and deferred income
(869 )
(97 )
(966 )
Total liabilities
(53,529 )
(679,556 )
(23,388 )
(15,409 )
(894 )
(772,776 )
Total capital and reserves
(93,894 )
(11,038 )
(8,549 )
(63,905 )
The Syndicate matches its currency position so holds net assets across a number of currencies. The Syndicate takes
into consideration the underlying currency of the Syndicate's required capital and invests its assets proportionately
across these currencies to protect the solvency of the Syndicate against variation in foreign exchange rates. In order
to make settlements in a specific currency the Syndicate has the ability to utilise other currencies as required.
Sensitivity to changes in foreign exchange rates
The table below gives an indication of the impact on profit of a percentage change in the relative strength of Sterling
against the value of the USD, CAD, EUR and JPY simultaneously. The analysis is based on the information as at
31st December 2025.
2025
2024
Impact on
results
before tax
Impact on
members’
balances
Impact on
results
before tax
Impact on
members’
balances
$’000
$’000
$’000
$’000
Currency risk
US Dollar weakens
10% against other currencies
(791)
(791)
(2,999)
(2,999)
20% against other currencies
(1,585)
(1,585)
(5,998)
(5,998)
US Dollar strengthens
10% against other currencies
791
791
2,999
2,999
20% against other currencies
1,585
1,585
5,998
5,998
Dale Underwriting Partners | Syndicate 1729
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iii. Equity price risk
Equity price risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market
prices (other than those arising from interest rate risk or currency risk), principally investment securities, whether
those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting
all similar financial instruments traded in the market.
The Syndicate does not hold any equities, and as such, it is not exposed to the risks associated with fluctuations in
equity prices.
C) Capital management objectives, policies and approach
i. Capital framework at Lloyd's
The Society of Lloyd's (Lloyd's) is a regulated undertaking and subject to the supervision of the Prudential Regulatory
Authority (PRA) under the Financial Services and Markets Act 2000.
Within the supervisory framework, Lloyd's applies capital requirements at member level and centrally to ensure
compliance with Solvency II capital requirements and to meet its own financial strength, licence and ratings
objectives.
Although Lloyd's capital setting processes use a capital requirement set at Syndicate level, the requirement to meet
Solvency II and Lloyd's capital requirements apply at overall and member level only. Therefore, the capital
requirement in respect of Syndicate 1729 is not disclosed in these financial statements.
ii. Lloyd's capital setting process
To meet Lloyd's requirements, each Syndicate is required to calculate its Solvency Capital Requirement (SCR) for
the prospective underwriting year. This amount must be sufficient to cover a 1 in 200-year loss, reflecting uncertainty
in the ultimate run-off of underwriting liabilities (SCR 'to ultimate'). The Syndicate must also calculate its SCR at the
same confidence level but reflecting uncertainty over a one-year time horizon (one year SCR) for Lloyd's to use in
meeting Solvency II requirements. The SCRs of each Syndicate are subject to review by Lloyd's and approval by the
Lloyd's Capital and Planning Group.
A Syndicate may be comprised of one or more underwriting members. Each member is liable for its own share of
underwriting liabilities on the Syndicate on which it participates but not other members' shares. The capital
requirement that Lloyd's sets for each member operates on a similar basis. Each member's SCR is determined by
the sum of the member's share of the Syndicate SCR 'to ultimate'. Where a member participates on more than one
Syndicate, a credit for diversification is provided to reflect the spread of risk, but consistent with determining an SCR
which reflects the capital requirement to cover a 1 in 200 year loss 'to ultimate' for that member. Over and above this,
Lloyd's applies a capital uplift to the member's capital requirement, known as the Economic Capital Assessment
(ECA). The purpose of this uplift, which is a Lloyd's rather than a Solvency II requirement, is to meet Lloyd's financial
strength, licence and ratings objectives. The capital uplift applied for 2025 was 35% of the member's SCR 'to ultimate'.
iii. Provision of capital by members
Each member must provide capital to meet its ECA either by assets held in trust by Lloyd's specifically for that
member (Funds at Lloyd's), held within and managed within a Syndicate (Funds in Syndicate) or as the member's
share of the members' balances on each Syndicate on which it participates. Accordingly, the ending members
balances reported on the Statement of changes in Members’ balances on page 29, represent resources available to
meet members' and Lloyd's capital requirements.
Dale Underwriting Partners | Syndicate 1729
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5. Analysis of underwriting result
An analysis of the underwriting result before investment return is set out below:
Gross
premiums
written
Gross
premium
earned
Gross
claims
incurred
Gross
operating
expenses
Reinsurance
balance
Underwriting
results
2025
$’000
$’000
$’000
$’000
$’000
$’000
Direct insurance
Accident & Health
(787 )
(4,843 )
(105 )
Motor (third-party liability)
(852 )
(961 )
(52 )
(30 )
Motor (other classes)
(5,792 )
(1,815 )
(1,260 )
(269 )
Marine aviation and transport
(27,376 )
(8,454 )
(5,542 )
(15,016 )
Fire and other damage to property
(43,170 )
(55,727 )
(26,134 )
Third-party liability
(105,812 )
(54,630 )
(3,403 )
(19,294 )
Credit and suretyship
(5,385 )
(6,985 )
Legal
(1,571 )
(1,481 )
Miscellaneous
(36,000 )
(36,000 )
Total direct insurance
(225,084 )
(133,415 )
(34,979 )
(5,005 )
Reinsurance acceptances
(60,383 )
(29,394 )
Total
(285,467 )
(162,809 )
(33,739 )
The management margin referred to on page 33 is presented in Miscellaneous above, and is the only figure disclosed
in that line.
The below is an additional disclosure Lloyd’s reporting purposes and is included to facilitate the classification of the
above segments into the Lloyd’s aggregate classes of business:
Gross
premiums
written
Gross
premium
earned
Gross
claims
incurred
Gross
operating
expenses
Reinsurance
balance
Underwriting
results
2025
$’000
$’000
$’000
$’000
$’000
$’000
Additional analysis
Fire and damage to property of
which is:
Specialties
(737 )
(1,072 )
(513 )
Energy
Third party liability of which is
Energy
Dale Underwriting Partners | Syndicate 1729
47
Gross premiums written | Gross premium earned | Gross claims incurred | Gross operating expenses | Reinsurance balance | Underwriting results | |
| 2024 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Direct insurance | ||||||
Accident & Health | ( | ( | ( | |||
Motor (third-party liability) | ( | ( | ( | |||
Motor (other classes) | ( | ( | ||||
Marine aviation and transport | ( | ( | ( | |||
Fire and other damage to property | ( | ( | ( | |||
Third-party liability | ( | ( | ( | |||
Credit and suretyship | ( | ( | ( | |||
| Legal | ( | ( | ( | |||
Miscellaneous | ||||||
| Total direct insurance | ( | ( | ( | |||
| Reinsurance acceptances | ( | ( | ( | |||
Total | ( | ( | ( | |||
The below is an additional disclosure Lloyd’s reporting purposes and is included to facilitate the classification of the | ||||||
| above segments into the Lloyd’s aggregate classes of business: | ||||||
Gross premiums written | Gross premium earned | Gross claims incurred | Gross operating expenses | Reinsurance balance | Underwriting results | |
| 2024 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
Additional analysis | ||||||
Fire and damage to property | ||||||
of which is: | ||||||
| Specialties | ( | ( | ( | |||
| Energy | ||||||
Third party liability of which is: | ||||||
| Energy | ||||||
The gross premiums written for direct insurance by underwriting location of risks is presented in the table below:
| 2025 | 2024 | |
| $’000 | $’000 | |
United Kingdom | ||
European Union Member States | ||
USA | ||
Other | ||
Total gross premium written |
The reinsurance balance in the above tables is the aggregate total of all those items included in the technical account
which relate to reinsurance outwards transactions including items recorded as reinsurance commissions and profit
participation. Following an internal review we have changed our allocation by class of business to reflect our portfolio
more accurately and have re-stated our 2024 splits to align with 2025 class mappings.
All premiums were concluded in the UK.
Dale Underwriting Partners | Syndicate 1729
48
Gross operating expenses are different to net operating expenses shown in the income statement by $0.1m as commissions
in respect of outward reinsurance were received and set off in arriving at the net operating expenses.
6. Net operating expenses
| 2025 | 2024 | |
| $’000 | $’000 | |
Acquisition costs | ||
Change in deferred acquisition costs | ( | ( |
Administration expenses | ||
| Members’ standard personal expenses | ||
Reinsurance Commissions | ( | |
Net operating expenses |
Members' standard personal expenses include Lloyd's subscriptions, New Central Fund contributions and Managing
Agency fees. It is the Syndicate’s policy to defer administration expenses.
Total commissions for direct insurance business for the year amounted to:
| 2025 | 2024 | |
| $’000 | $’000 | |
Total commission for direct insurance business |
| Administrative expenses include: | ||
| 2025 | 2024 | |
| $’000 | $’000 | |
| Auditors’ remuneration | ||
| fees payable to the Syndicate’s auditor for the audit of these financial statements | ||
| Fees payable to the Syndicate’s auditor and its associates in respect of other services pursuant to legislation | ||
Total | 516 | 442 |
Dale Underwriting Partners | Syndicate 1729
49
7. Key management personnel compensation
The aggregate emoluments of the directors and staff of the Managing Agency are paid by the service company, Dale
Syndicate Services Limited. These costs are then recharged to either Syndicate 1729 or Dale Managing Agency
Limited, according to an agreed allocation basis.
The emoluments and benefits of the directors of the Managing Agency, charged through to Syndicate 1729 during
2025 were:
| 2025 | 2024 | |
| $’000 | $’000 | |
| Directors’ emoluments |
2025
2024
Number of directors that are members of a defined contribution scheme
3
3
The active underwriter received the following aggregate remuneration charged to the Syndicate
| 2025 | 2024 | |
| $’000 | $’000 | |
Emoluments |
8. Staff numbers and costs
The Syndicate and it’s Managing Agent have no employees. Dale Syndicate Services Limited (the Service Company)
hires employees and recharges the cost to the Syndicate and the Managing Agent. The following amounts were
recharged to the Syndicate in respect of salary and related costs.
| 2025 | 2024 | |
| $’000 | $’000 | |
Wages and salaries | ||
Social security costs | ||
Other pension costs | ||
Total |
The average number of employees working during the year for the Syndicate were as follows:
| 2025 | 2024 | |
| $’000 | $’000 | |
Administration and finance | ||
Underwriting | ||
Claims | ||
Total |
Dale Underwriting Partners | Syndicate 1729
50
9. Investment return
| 2025 | 2024 | |
| $’000 | $’000 | |
Interest and similar income | ||
From financial assets designated at fair value through profit or loss | ||
| Interest and similar income | ||
Other income from investments | ||
From financial assets designated at fair value through profit or loss | ||
| Gains on the realisation of investments | ||
| Losses on the realisation of investments | ( | ( |
| Unrealised gains on investments | ||
| Unrealised losses on investments | ( | ( |
| Financial liabilities at amortised cost | ||
| Interest expense | ||
| Investment expenses and charges | ( | ( |
Total investment return |
The investment return was wholly allocated to the technical account.
10. Distribution and open years of account
A distribution to members of $86.0m will be proposed in relation to the closing year of account (2023) (2024: $37.0m
collection in relation to the closing year of account (2022)).
11. Financial investments
2025
2024
Carrying
value
Purchase
price
Carrying
value
Purchase
price
$’000
$’000
$’000
$’000
Shares and other variable yield securities and units in unit
trusts
Debt securities and other fixed income securities
Participation in investment pools
Syndicate loan to central fund
Other investments
Total financial investments
The amount ascribable to listed investments nil (2024: nil)
Amounts included within Shares and other variable securities include CIS/Unit Trusts where funds are invested in a
single entity which invests in investments. These have the attributes of a cash instrument with the carrying value and
purchase price being the same.
Dale Underwriting Partners | Syndicate 1729
51
| 2025 | 2024 | |
| $’000 | $’000 | |
Financial assets measured at fair value through profit or loss | ||
Financial assets measured at fair value as available for sale | ||
Financial assets measured at amortised costs | ||
Total financial investments |
There was no material change in fair value for financial instruments held at fair value attributable to own credit risk in
the current or comparative period.
The following table shows financial investments recorded at fair value analysed between the three levels in the fair
value hierarchy.
Level 1 | Level 2 | Level 3 | Total | |
31 December 2025 | $’000 | $’000 | $’000 | $’000 |
Shares and other variable yield securities and units in unit trusts | ||||
Debt securities and other fixed income securities | ||||
Participation in investment pools | ||||
Syndicate loans to central fund | ||||
Total |
Level 1 | Level 2 | Level 3 | Total | |
| $’000 | $’000 | $’000 | $’000 | |
Shares and other variable yield securities and units in unit trusts | ||||
Debt securities and other fixed income securities | ||||
Participation in investment pools | ||||
Syndicate loans to central fund | ||||
Total |
Included in the level 1 category are financial assets that are measured by reference to published quotes in an active
market. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly
available from an exchange, dealer, broker, industry Syndicate, pricing service or regulatory agency and those prices
represent actual and regularly occurring market transactions on an arm's length basis.
Included in the level 2 category are financial assets measured using a valuation technique based on assumptions
that are supported by prices from observable current market transactions. For example, assets for which pricing is
obtained via pricing services but where prices have not been determined in an active market, financial assets with
fair values based on broker quotes, investments in private equity funds with fair values obtained via fund managers
and assets that are valued using the Syndicate's own models whereby the significant inputs into the assumptions are
market observable.
Included in the level 3 category, are loans provided by the Syndicate to the Lloyd’s Central Fund and are carried at
fair value using information provided by Lloyd’s. These instruments are not tradeable and their valuation includes
significant unobservable inputs.
Therefore, unobservable inputs reflect the Syndicate's own assumptions about the assumptions that market
participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed
based on the best information available, which might include the Syndicate's own data.
Dale Underwriting Partners | Syndicate 1729
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12. Debtors arising out of direct insurance operations
| 2025 | 2024 | |
| $’000 | $’000 | |
Due within one year | ||
Total |
13. Debtors arising out of reinsurance operations
| 2025 | 2024 | |
| $’000 | $’000 | |
Due within one year | ||
Due after one year | ||
Total |
14. Other debtors
| 2025 | 2024 | |
| $’000 | $’000 | |
Other related party balances (non-syndicate) | ||
Total |
15. Deferred acquisition costs
2025
2024
Gross
provisions
Reinsurance
assets
Net
Gross
provisions
Reinsurance
assets
Net
$’000
$’000
$’000
$’000
$’000
$’000
Deferred acquisition costs
Balance at 1 January
Incurred deferred acquisition costs
Amortised deferred acquisition
costs
(133,868 )
(133,868 )
(111,737 )
(111,737 )
Foreign exchange movements
(787 )
(787 )
Balance as 31 December
Dale Underwriting Partners | Syndicate 1729
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16. Claims development
The tables below show the Syndicate's cumulative incurred claims development, including both claims notified and IBNR for each underwriting year, together with the
cumulative payments to date on a gross and net of reinsurance basis at the balance sheet date.
The Syndicate has elected to translate estimated claims and claims payments at a consistent rate of exchange as determined by the balance sheet date.
Pure underwriting year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
| $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
Estimate of gross claims at the end of underwriting year: | |||||||||||
At end of underwriting year | |||||||||||
One year later | |||||||||||
Two years later | |||||||||||
Three years later | |||||||||||
Four years later | |||||||||||
Five years later | |||||||||||
Six years later | |||||||||||
Seven years later | |||||||||||
Eight years later | |||||||||||
Nine years later | |||||||||||
| Estimate of gross claims reserve | |||||||||||
Provision in respect of prior years | |||||||||||
Less gross claims paid | |||||||||||
| Gross claims reserve |
Dale Underwriting Partners | Syndicate 1729
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Pure underwriting year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2012 | 2023 | 2024 | 2025 | Total |
| $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |
Estimate of net claims at the end of underwriting year: | |||||||||||
At end of underwriting year | |||||||||||
One year later | |||||||||||
Two years later | |||||||||||
Three years later | |||||||||||
Four years later | |||||||||||
Five years later | |||||||||||
Six years later | |||||||||||
Seven years later | |||||||||||
Eight years later | |||||||||||
Nine years later | |||||||||||
| Estimate of net claims reserve | |||||||||||
Provision in respect of prior years | |||||||||||
Less net claims paid | |||||||||||
| Net claims reserve |
The uncertainty associated with the ultimate claims experience of an underwriting year is greatest when the underwriting year is at an early stage of development and the
margin for future experience potentially being more adverse than assumed is at its highest. As claims develop, and the ultimate cost of the claims becomes more certain,
the relative level of margin should decrease. Due, however, to the uncertainty inherent in the claims estimation process, initial reserves may not always be in a surplus.
Dale Underwriting Partners | Syndicate 1729
55
17. Technical provisions
The table below shows changes in the insurance contract liabilities and assets from the beginning of the period to
the end of the period.
2025
2024
Gross
provisions
Reinsurance
assets
Net
Gross
provisions
Reinsurance
assets
Net
$’000
$’000
$’000
$’000
$’000
$’000
Claims outstanding
Balance at 1 January
(91,280 )
(64,968 )
Claims paid during the year
(239,609 )
(176,495 )
(150,649 )
(126,621 )
Expected cost of current year
claims
(34,289 )
(50,331 )
Foreign exchange movements
(154 )
(2,449 )
(9 )
(2,458 )
Balance as 31 December
(62,609 )
(91,280 )
2025
2024
Gross
provisions
Reinsurance
assets
Net
Gross
provisions
Reinsurance
assets
Net
$’000
$’000
$’000
$’000
$’000
$’000
Unearned premiums
Balance at 1 January
(24,749 )
(20,051 )
Premium written during the year
(76,349 )
(60,105 )
Premium earned during the year
(532,936 )
(464,998
)
(452,092 )
(396,669
)
Foreign exchange movements
(154 )
(1,627 )
(16 )
(1,643 )
Balance as 31 December
(33,314 )
(24,749 )
18. Creditors arising out of direct insurance operations
| 2025 | 2024 | |
| $’000 | $’000 | |
Due within one year | ||
Total |
19. Creditors arising out of reinsurance operations
| 2025 | 2024 | |
| $’000 | $’000 | |
Due within one year | ||
Due after one year | ||
Total |
Dale Underwriting Partners | Syndicate 1729
56
20. Other creditors
| 2025 | 2024 | |
| $’000 | $’000 | |
Profit commission payable | ||
Other related party balances (non-syndicate) | ||
Other liabilities | ||
Total |
21. Cash and cash equivalents
| 2025 | 2024 | |
| $’000 | $’000 | |
Cash at bank and in hand | ||
Total cash and cash equivalents |
Only deposits with credit institutions with maturities of three months or less that are used by the Syndicate in the
management of its short-term commitments are included in cash and cash equivalents.
22. Other assets
Other assets comprise overseas deposits which are lodged as a condition of conducting underwriting business in
certain countries.
23. Analysis of net debt
At 1 January
2025
Cash flows
Acquired
Fair value
and exchange
movements
Non-cash
changes
At December
2025
Cash and cash
equivalents
(415 )
Other
Total
(415 )
24. Related parties
From 1 October 2022, Dale Managing Agency Limited (DMAL) became the Managing Agent for Syndicate 1729 and
received $3.8m in respect of Managing Agency fees during 2025 (2024 - $2.6m). At the year-end date a balance of
$0.9m was due to DMAL from the Syndicate (2024: $0.1m).
Dale Partners Limited (DPL), a company registered in England and Wales, is the immediate parent company of the
Dale Group. The ultimate and controlling party is Dale Partners Group Limited (DPGL), formerly known as Dale
Holdings Jersey Limited until it changed its name effective from 1 July 2025. DPGL is registered and incorporated in
Jersey. Dale Syndicate Services Limited (DSSL), a company registered in England and Wales, is a service company
within that Group, set up to provide services to Syndicate 1729 and SPA 6131. It is the employing company of all
staff who work for the Syndicate and Managing Agency. Expenses amounting to $47.1m were recharged by DSSL
to the Syndicate during 2025. At the year-end date a balance of $3.5m was due from DSSL to the Syndicate.
Heather McKinlay, an Independent Non-Executive Director of DMAL, also serves as a Non-Executive Director of
Antares Managing Agency Limited, a related party under FRS 102 Section 33; no transactions occurred between the
Syndicate and Antares during the year ended 31 December 2025.
Dale Underwriting Partners | Syndicate 1729
57
25. Off balance sheet items
As at the year end date, the Syndicate had Letters of Credits in place with some of its reinsurers held as collateral
amounting to $82.3m (2024: $35.6m). The Syndicate has not been party to any other arrangements that are not
reflected in its balance sheet.
26. Post balance sheet events
The Syndicate will distribute $85.5m to members in 2026, in relation to the 2023 year of account profit reduced for
member’s agent fee.
DMAL has received Lloyd’s approval for SPA 1954 which will write business for the 2026 YOA through a Quota Share
arrangement with Syndicate 1729. Further details are given within the Active Underwriters Report.
27. Contingencies and commitments
There were no contingencies and commitments required to be disclosed in the Syndicate financial statements.
28. Foreign exchange rates
2025
2024
Start of
period rate
End of period
rate
Average rate
Start of
period rate
End of period
rate
Average rate
US dollar
Sterling
Canadian dollar
Euro
Japanese Yen
29. Funds at Lloyd’s
Every member is required to hold capital at Lloyd's which is held in trust and known as Funds at Lloyd's (FAL). These
funds are intended primarily to cover circumstances where Syndicate assets prove insufficient to meet participating
members' underwriting liabilities.
The level of FAL that Lloyd's requires a member to maintain is determined by Lloyd's based on PRA requirements
and resource criteria. FAL has regard to a number of factors including the nature and amount of risk to be underwritten
by the member and the assessment of the reserving risk in respect of business that has been underwritten. Since
FAL is not under the management of the managing agent, no amount has been shown in these annual accounts by
way of such capital resources. However, the managing agent is able to make a call on the members' FAL to meet
liquidity requirements or to settle losses.
Dale Underwriting Partners | Syndicate 1729
58
Dale Underwriting Partners
70 St. Mary Axe
London EC3A 8BE
T: +44 (0)20 3307 1490
E: info@daleuw.com
www.daleuw.com
