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Dale
Underwriting
Partners
Syndicate 1729
Annual Report and Accounts
Dale Underwriting Partners | Syndicate 1729
Contents
Directors and Administration ......................................................................................................................................... 1
Active Underwriter’s Report .......................................................................................................................................... 2
Managing Agent's Report ............................................................................................................................................. 8
Statement of Managing Agent's responsibilities ......................................................................................................... 13
Independent auditor’s report ....................................................................................................................................... 14
Statement of profit or loss and other comprehensive income .................................................................................... 17
Statement of changes in Members' balances ............................................................................................................. 18
Balance sheet – Assets .............................................................................................................................................. 19
Balance sheet continued – Liabilities ......................................................................................................................... 20
Statement of cash flows .............................................................................................................................................. 21
Notes to the financial statements – (forming part of the financial statements) ........................................................... 22
1. Basis of preparation ................................................................................................................................................ 22
2. Accounting policies ................................................................................................................................................. 22
3. Analysis of underwriting result ................................................................................................................................ 27
4. Technical provisions ............................................................................................................................................... 29
5. Net operating expenses .......................................................................................................................................... 30
6. Staff numbers and costs ......................................................................................................................................... 30
7. Auditor’s remuneration ............................................................................................................................................ 31
8. Key management personnel compensation ........................................................................................................... 31
9. Investment return .................................................................................................................................................... 32
10. Financial investments ........................................................................................................................................... 32
11. Debtors arising out of direct insurance operations ............................................................................................... 34
12. Debtors arising out of reinsurance operations ...................................................................................................... 34
13. Other debtors ........................................................................................................................................................ 34
14. Creditors arising out of direct insurance operations…………………………………………………………………….34
15. Creditors arising out of reinsurance operations .................................................................................................... 34
16. Other creditors ...................................................................................................................................................... 34
17. Other assets.......................................................................................................................................................... 35
18. Cash and cash equivalents................................................................................................................................... 35
19. Related parties ...................................................................................................................................................... 35
20. Disclosure of interests .......................................................................................................................................... 35
21. Funds at Lloyd’s .................................................................................................................................................... 36
22. Risk management ................................................................................................................................................. 36
23. Post balance sheet events .................................................................................................................................... 46
24. Off balance sheet items ........................................................................................................................................ 46
25. Contingencies and commitments ......................................................................................................................... 46
26. Foreign exchange rates ........................................................................................................................................ 46
27. Distribution and open years of account ................................................................................................................ 46
Dale Underwriting Partners | Syndicate 1729
1
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*
Managing Agent's Registered Office
Managing Agent's Registered Number
70 St. Mary Axe
London
EC3A 8BE
13526063
Active Underwriter
Bankers
I J Bridge (Appointed 1
st
July 2024)
Barclays Plc
Citibank NA
RBC Dexia
Investment Manager
Registered Auditors and Signing Actuary
Conning Asset Management Ltd
Ernst & Young LLP
Active Underwriter’s Report
2024 at a glance
The 2024 Year of Account has seen considerable growth with Gross Written Premium (GWP) increasing from $390m
to $502m. There is also significant growth planned for 2025 Year of Account with GWP increasing to $723m with the
onboarding of Professional Lines and Portfolio Solutions.
Pricing Adequacy remained strong despite a higher level of competition seen in the short tail lines, particularly in
the Property Open Market account. Overall risk adjusted rate change was positive at 3.7% but slightly under plan
of 4.3%.
Whilst it was a very active year for natural catastrophe losses our portfolio stood up well and we remain well within
the catastrophe loss budgets for the Calendar and Underwriting Year.
We have recorded a healthy profit for the 2024 Calendar Year of $26.6m (2023: $49.9m).
The forecast combined ratio for 2024 Year of Account in functional currency stands at 91.6%.
Dale Underwriting Partners | Syndicate 1729
4
Stamp capacity
The Stamp capacity for 2025 is £475m ($594m) as we continue to build the business in positive market conditions.
This growth is supported by two new classes of business for 2025 being Professional Lines and Portfolio Solutions,
specific growth in Property and Marine Reinsurance targeted at increasing market share, along with organic growth
in the other classes of business. 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.
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 now more attractive we are very well placed to deliver a highly profitable plan with greater resilience and
less volatility in the portfolio.
We underwrite across ten key lines of business, Property Open Market, Property Facilities, Casualty, Healthcare,
Property Reinsurance, Marine Reinsurance, Specialty Insurance, Energy, Professional Lines and Portfolio
Solutions. The 2024 year has seen positive rate change but was challenged with more competition, particularly in
the last two quarters. However, we have seen less pressure on terms and conditions and have managed to offset
a lower retention rate with new business at adequate pricing levels. The 2024 year is slightly below plan on rate
change but we exceeded plan in 2023 with an achieved of 12.8% versus plan 4%. There have been accumulative
rate increases of 8.1% in 2019, 10.8% in 2020, 10.1% in 2021 and 8.6% in 2022.
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 focussed 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 Open Market and Specialty Insurance.
The current rate change assumptions in the 2025 plans are -1.14% which reflects increased competition in the short-
tail classes and is particularly evident in Property Insurance and Reinsurance. This is the first time for several years
that our plan is showing a rate reduction, however Pricing Adequacy remains strong in all classes after a number of
years of compound rate increase above plan.
Industry themes
The below represent the major industry themes which will be the focus of our attention in 2025. There are several
other topics which will be considered throughout 2025 such as Liquidity Risk, Operational Resilience and the impact
of Algorithmic Underwriting to name a few but further detail has been provided on those with the potential for greatest
impact to our business.
Cycle Management
The 2025 business plan incorporates significant growth which is being driven by two new classes, Professional Lines
and Portfolio Solutions, where we have performed extensive analysis to ensure that these lines will deliver
sustainable profits over the long term. The other elements of forecast growth for 2025 are concentrated in those
areas where we see sufficient margin. We do have plans to grow the business in the future as we consider the current
market conditions favourable, 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
Dale Underwriting Partners | Syndicate 1729
5
Inflation
Inflation remains a key topic for the Syndicate and we
have updated the assumptions in the pricing models
for the classes affected to ensure that we are
capturing the impact of increased claims from
Economic and Excess/Social inflation. This has been
particularly addressed in the pricing model for US
Healthcare Open Market business where we have
seen an increased frequency of severe losses. The
Syndicate operates an Emerging 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.
Geopolitical
There are several elevated risks for which the Syndicate is monitoring its exposure and maintaining a cautious
approach on appetite. An example of this is the potential impact of the change in government in the US where the
majority of business is written. 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. The potential impact of changes in ESG is also being considered by the Syndicate Sustainability Forum.
Climate Change
The impact of the Los Angeles Wildfires are a timely reminder that catastrophe losses can happen at any time, our
sympathies are with those that have been affected by this disaster. 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 2024 year has seen a continuation of the
increase in global natural catastrophe losses which
has reached $135bn for the industry. This has been
driven by Hurricanes Helene and Milton which
account for around $50bn, there has also been
severe levels of flooding globally particularly in
Europe.
The impact to the Syndicate has been lessened by
the improvement in pricing, attachment levels and
terms and conditions that we have seen in the
Property Treaty account. The impact of both
hurricane events is less than $7.5m to this portfolio which also shows the impact of the remediation steps we took in
2023. Overall, the Syndicate total net loss to these events is less than $25m which is significantly within the Year of
Account Net Cat Budget and shows the resilience of the portfolio to this level of loss activity.
Other Developments
The 2024 year was positive for the business and we have added significant strength to the executive team with the
Chief Financial Officer and Chief Investment Officer appointments, also a Head of Group Underwriting Operations
will be joining in March 2025. We have onboarded the Professional Lines team which has gone well and bolstered
resource throughout the functions, this will help provide dedicated support to our underwriting teams. The addition of
Portfolio Solutions has been positive and we are currently seeking a Head of Line to take this forward in the future.
We also developed 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
6
ESG
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 have an upstream
Energy account whose clients are at the forefront of the transition to clean energy and can confirm that we currently
have no known exposure to coal, oil sands or new arctic exploration.
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 (2022)
£210m ($263m)
Stamp Capacity
Return on capacity (13.9%).
We regret to advise that the 2022 year of account will close with a loss of £29.3m or US$36.6m being 13.9% of
Stamp capacity.
There are three drivers of this:
1) A material increase in frequency of severe loss in our healthcare professional liability portfolio, which has emerged
in the 2nd half year of 2024
2) Aviation war claims arising from the Russia/Ukraine conflict being settled on an ex-gratia basis in the 4th quarter
2024
3) Deterioration in our US General Liability contractor portfolio
Healthcare
Dale has written institutional healthcare professional liability business since 2016. We reviewed the reserves during
4Q24 on the US portfolio in response to experiencing an increase in severe claims, above expectations, during the
year, but most pronounced in the 4
th
quarter. For context, during 2024 the actual incurred development was £28.3m
against expected development of £8.4m. We have increased reserves on all years. The 2022 and prior gross reserves
were increased by £21.3m, partially offset by increased reinsurance recoveries of £4.7m.
Aviation War
During 4Q24 a number of claims have been agreed for settlement, but not yet,settled, on an ex-gratia basis against
policies written under an aviation war consortium. Dale has a small following line participation. The increase in reserve
is £12.8m gross, £5.1m net of reinsurance.
US General Liability
We continue to see adverse development of claims predominantly in respect of two contracts and have strengthened
gross (and net) reserves by £5.4m for the 2022 and prior years.
Dale Underwriting Partners | Syndicate 1729
7
We are obviously disappointed with the movement in results at this juncture, particularly so close to finalising the
2022 year of account. However, we have a responsibility to ensure equity between the Syndicate’s supporters on
each year of account and therefore needed to reflect the impact of the recent, materially increased claim development
in our results.
Our actions are consistent with an independent actuarial assessment of our exposures and broader market
developments witnessed in the affected classes of business. Healthcare professional liability continues to be written
by the Syndicate and we have instigated actions to address areas of concern on the emerging severity of claims.
The Aviation War portfolio was discontinued in 2022 and the US General Liability contractor portfolio was
discontinued in 2020, with minimal exposure in that final year.
2023 Year of Account
£280m ($350m)
Stamp Capacity
Forecast return on capacity 22.8%.
Forecast profit £63.9m or US$79.8m.
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 ($436m)
Stamp Capacity
Forecast return on capacity 12.6%
Forecast profit £43.9m or US$54.8m.
For the Syndicate, whilst the 2024 year has been lower than expected for US catastrophe events, both Hurricane
Milton and Helene are still significant industry events totalling around $50bn part of $135bn of global insured
catastrophe losses. This is at the same industry loss level as Hurricane Ian where we had the benefit of reinsurance
recoveries which are not present on these losses. The Syndicate also experienced the largest individual gross loss
($21.6m) which impacted the Marine Reinsurance portfolio as result of the Baltimore bridge collapse. However, we
have still been able to book a profit in line with plan which proves the resilience of the portfolio compared with the
earlier years. At the time the reserves were set we were aware of the expected loss in respect of the Los Angeles
Wildfires and are therefore not expecting this to deteriorate the ultimate result for this year of account.
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 is less than satisfactory and we share in this disappointment but we hope all
participants understand the need for us to take these actions now rather than later, particularly when you consider
when these exposures were written. As stated above the 2023 year is substantially better than plan and 2024 is
currently forecast to produce a profit in line with plan.
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 2023 and 2024 in positive market conditions. With the expanded resource,
technology and operational enhancements we have made we are well positioned to maximise the opportunity in all
classes of business to achieve sustainable growth whilst maintaining our culture of underwriting discipline.
I J Bridge – March 2025
Dale Underwriting Partners | Syndicate 1729
8
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 2024 (comparatives are
presented for the year ended 31 December 2023 ).
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 V2.0 as modified by
the Frequently Asked Questions V1.1 issued by Lloyd's.
With effect from 1 January 2023, the presentational currency of the Syndicate changed from Sterling to US dollars.
This is to align the presentation of the report and accounts with the functional currency of the Syndicate and to align
with the way that the business of the Syndicate is managed.
Results
The result for the calendar year 2024 is a profit of $26.6m (2023: profit $49.9m).
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 V2.0 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:
2024
$’000
2023
$’000
Casualty
67,302
104,345
Property Open Market
136,856
124,666
Property Reinsurance
73,583
54,370
Marine Reinsurance
33,337
17,893
Specialty Insurance
33,723
25,490
Property Facilities
47,734
36,319
Healthcare
71,704
-
Professional Lines
621
-
Portfolio Solutions
3,900
-
Energy
24,716
15,451
493,476
378,534
Dale Underwriting Partners | Syndicate 1729
9
The Syndicate's key financial performance indicators during the year were as follows:
2024
$’000
2023
$’000
Change
%
Gross written premiums
493,476
378,534
30.4%
Profit for the financial year
26,643
49,947
(46.7)%
Combined ratio
97.8%
88.8%
(9.0)%
The combined ratio is the ratio of net claims incurred and net operating expenses to net premiums earned. Lower
ratios represent better performance.
The return on capacity for the 2022 closed year of account at 31 December 2024 is shown below together with
forecasts for the two open years of account.
2022
YOA Closed
2023
YOA Open
2024
YOA Open
Capacity* ($’000)
262,500
349,535
436,258
Result/Forecast** ($’000)
(36,590)
79,813
54,840
Return on capacity (%)
(13.9%)
22.8%
12.6%
* 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.
** 2023 & 2024 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 appetite using a series of 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 Agency Reinsurance Security 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 Agency’s 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 Agency seeks to minimise
this risk through investing in either fixed interest securities or high quality floating rate notes.
In addition, an Investment Committee which reports to the Managing Agency Audit Committee and 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. Our investment managers
attend these committee meetings to give us their insight on current and expected market conditions, giving their
suggestions for managing our portfolio through volatility.
Dale Underwriting Partners | Syndicate 1729
10
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 Risk & Compliance Committee
and Managing Agency Board reviews cash flow projections 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.
The Syndicate has in place an overdraft facility and also has in place a line of credit with Barclays Bank.
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 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
impact of current heightened sanctions around the Ukraine/ Russia situation are being monitored, the effect to the
Syndicate at this stage is minimal.
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. Dale
Managing Agency Ltd 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 Committee 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).
These risks are mitigated through diversification of our capital base and key stakeholders.
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 2025 year of account is $594m (2024 year of account $436m) – 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.
Environmental, Social and Governance (ESG)
The Managing Agency has had an ESG Forum in place since 2021. The Forum includes representation from all
functions and works to identify ESG priorities and connect ESG considerations across the business. During 2024 the
Dale Risk Management team (in collaboration with the business) produced an ESG strategy document. This
document is constantly under review but will be fully reviewed and refreshed annually. The Syndicate has been
offsetting all corporate air travel since 2021 and are currently completing an audit to ascertain our complete carbon
footprint. We are working with Alectro who will help us to understand our business footprint. They partner with
UNFCCC’s Climate Neutral Now initiative, and it is hoped that we will achieve net zero certification through them
during 2025.
Dale Underwriting Partners | Syndicate 1729
11
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 the financial risks of climate change.
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. The Syndicate Active
Underwriter, who is a Board member, is responsible for the climate change framework, including identifying and
managing financial climate related risks.
Ukraine/ Russia Invasion
We reported this event within our accounts last year. At the time, the event was still developing, but was noted by
the directors as an event that would increase risk and uncertainty globally in the foreseeable future.
At the time of completing these accounts, the situation is sadly still ongoing, and the Directors are continuing to
monitor developments. There have been some recent court judgements in relation to aviation claims arising from the
event, and we increased the reserves held during 2024, but there is still some uncertainty around the developments
of these claims. However, due to the quota share arrangement in place for this business with SPA 6131, any further
developments on these claims are not expected to be material to the Syndicate.
The wider subject of sanctions and potential loss of business arising from this situation are being monitored but are
not currently having a material impact to the Syndicate.
Inflation
This has continued to be an area of focus of the Directors into 2024. Concerns persist regarding the impact of inflation
on reserve strength across the market.
Inflation is defined as a sustained increase in the general price levels of goods and services in an economy over a
period of time. In the context of insurance, claims inflation is the change in the expected claims cost level (indemnity
and fees) of a like for like policy in an economy over time.
Throughout 2024 we have been reviewing the impact of inflation on our current reserves. We have reviewed actual
and forecast inflation by territory based on data from the OECD. For the Managing Agency specifically the majority
of our business is exposed to the US, where inflation levels did not reach the same levels as the UK, and where
inflation has started to fall.
Back in 2020 the Syndicate set up an Emerging Trends Working Group to help consider impact claims mitigations
and strategies, particularly relating to Reserving. The topic of inflation has been a key agenda item for this Group
since its inception.
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 1. Changes to directors from the last report were as follows:
I J Bridge Appointed 14 November 2024
D G Peters Resigned 07 June 2024
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.
Dale Underwriting Partners | Syndicate 1729
12
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 28 April 2025.
On behalf of the Board
D H Dale
Director
07 March 2025
Dale Underwriting Partners | Syndicate 1729
13
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 SPA 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
14
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 2024 which comprise the Statement of profit or loss and other comprehensive income, the Statement of
Changes in Members’ Balances, Balance sheet, the Statement of Cash Flows and the related notes 1 to 27,
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 V2.0 as
modified by the Frequently Asked Questions V1.1 issued by Lloyd’s (the Syndicate Accounts Instructions).
In our opinion, the syndicate annual accounts:
give a true and fair view of the syndicate’s affairs as at 31 December 2024 and of its profit for the year then
ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and
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 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.
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
Dale Underwriting Partners | Syndicate 1729
15
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:
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
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:
the managing agent in respect of the syndicate has not kept adequate accounting records; or
the syndicate annual accounts are not in agreement with the accounting records; or
certain disclosures of the managing agents’ emoluments specified by law are not made; or
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 set out on page 13, the managing
agent is 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 the managing agent determines 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 managing agent is 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 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.
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 GAAP), and requirements
Dale Underwriting Partners | Syndicate 1729
16
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 FCA and
the PRA.
• 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 managing agent has established to address risks
identified by the managing agent, 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. These procedures included testing manual
journals and were designed to provide reasonable assurance that the syndicate annual accounts were free
from fraud or error.
A further description of our responsibilities for the audit of the financial statements 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.
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
07 March 2025
Dale Underwriting Partners | Syndicate 1729
17
Statement of profit or loss and other comprehensive
income
Technical account - General business
For the year ended 31 December 2024
Notes
2024
$’000
2023
$’000
Gross premiums written
3
Outward reinsurance premiums
(60,105 )
(45,477 )
Premiums written, net of reinsurance
Change in unearned premiums
Change in the gross provision for unearned premiums
4
(41,384 )
(29,077 )
Change in the provision for unearned premiums reinsurers’
share
Net change in provisions for unearned
premiums
(36,702 )
(28,125 )
Earned premiums, net of reinsurance
Allocated investment return transferred from the non-
technical account
9
Claims paid
4
Gross amount
(150,649 )
(168,437 )
Reinsurers’ share
Net claims paid
(126,621 )
(131,933 )
Change in the provision for claims
4
Gross amount
(163,356 )
(25,133 )
Reinsurers’ share
(21,269 )
Net change in provision for claims
4
(137,053 )
(46,402 )
Claims incurred, net of reinsurance
(263,674 )
(178,335 )
Net operating expenses
5
(124,332 )
(92,320 )
Balance on the technical account for general business
Dale Underwriting Partners | Syndicate 1729
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Statement of profit or loss and other comprehensive
income continued
Non-technical account - General business
For the year ended 31 December 2024
Notes | 2024 $’000 | 2023 $’000 | |
Balance on the technical account for 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)/gain 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 23 to 48 form part of these financial statements.
Statement of changes in Members' balances
For the year ended 31 December 2024
| 2024 $’000 | 2023 $’000 | |
| Members’ balances brought forward at 1 January | ( | |
Total profit for the financial year | ||
Members' agent's fees | ( | ( |
Other | ( | ( |
| Disbursement to members’ personal reserve funds | ( | ( |
| Members’ balances carried forward at 31 December |
Dale Underwriting Partners | Syndicate 1729
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Balance sheet – Assets
As at 31 December 2024
Notes | 2024 $’000 | 2023 $’000 | |
| Financial investments | 10 | ||
Deposits with ceding undertakings | |||
Investments | |||
| Provision for unearned premiums | 4 | ||
Claims outstanding | 4 | ||
Reinsurers' share of technical provisions | |||
| Debtors arising out of direct insurance operations | 11 | ||
Debtors arising out of reinsurance operations | 12 | ||
Other debtors | 13 | ||
Debtors | |||
Cash at bank and in hand | 17 | ||
Other | 16 | ||
Other assets | |||
Deferred acquisition costs | 4 | ||
Other prepayments and accrued income | |||
Prepayments and accrued income | |||
Total assets |
The notes on pages 22 to 46 form part of these financial statements.
Dale Underwriting Partners | Syndicate 1729
20
Balance sheet continued – Liabilities
As at 31 December 2024
Notes
2024
$’000
2023
$’000
Members’ balances
Total capital and reserves
Provision for unearned premiums
4
Claims outstanding
4
Technical provisions
Creditors arising out of direct insurance operations
14
Creditors arising out of reinsurance operations
15
Other Creditors
16
Creditors
Accruals and deferred income
Total liabilities
Total liabilities, capital and reserves
The notes on pages 22 to 46 form part of these financial statements.
The financial statements on pages 17 to 20 were approved by board of directors on 07 March 2025 and were signed
on its behalf by:
C A McCarthy
Finance Director
07 March 2025
Dale Underwriting Partners | Syndicate 1729
21
Statement of cash flows
For the year ended 31 December 2024
Notes
2024
$’000
2023
$’000
Cash flows from operating activities
Profit for the financial year
Adjustments:
Increase in gross technical provisions
(Increase)/Decrease in reinsurers’ share of gross technical
provisions
(31,010 )
(Increase) in debtors
(20,212 )
(3,126 )
(Decrease) in creditors
(5,281 )
(6,232 )
Movement in other assets/liabilities
(11,594 )
(14,203 )
Foreign exchange profit/(loss)
(1,431 )
Investment return
(19,030 )
(14,579 )
Net cash inflows from operating activities
Cash flows from investing activities
Purchase of financial investments
(385,357 )
(137,639 )
Sale of financial instruments
Investment income received
Decrease/(increase) in deposits with ceding undertakings
(259 )
Net cash flows from investing activities
(173,335 )
(84,106 )
Cash flows from financing activities
Collection from members’ personal reserve funds
(1,187 )
(1,330 )
Members’ agents fee advances
(1,055 )
(551 )
Net cash flows from financing activities
(2,242 )
(1,881 )
Net Increase in cash and cash equivalents
(31,835 )
Cash and cash equivalents at the beginning of the year
Foreign exchange on cash and cash equivalents
(1,341 )
Cash and cash equivalents at the end of the year
16
Dale Underwriting Partners | Syndicate 1729
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Notes to the financial statements – (forming part of the
financial statements)
For the year ended 31 December 2024
1. Basis of preparation
Statement of compliance
The Syndicate’s annual accounts have been prepared in compliance with regulation 5 of The Insurance Accounts
Directive (Lloyd's Syndicate and Aggregate Accounts) Regulations 2008 and Financial Reporting Standard 102, the
financial reporting standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) and Financial
Reporting Standard 103, Insurance Contracts, United Kingdom accounting standard (FRS 103), and the Lloyd’s
Syndicate Accounts Instructions Version 2.0 as modified by the Frequently Asked Questions Version 1.1 issued by
Lloyd’s.
The Syndicate’s annual accounts are 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 Directors of the managing agent have prepared the Syndicate's annual accounts on the basis that the Syndicate
will continue to write future business. The ability of the Syndicate to meets its obligations as they fall due is
underpinned by the support provided by the Lloyd's solvency process and its chain of security for any members who
are unable to meet their underwriting liabilities. Funds at Lloyd's are explained further in note 21. The Syndicate 2025
year of account has opened, and the directors have concluded that the Syndicate has sufficient resources, and a
reasonable expectation, that it will open a 2026 year of account.
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.
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.
Restatement of comparative information
During 2024, Lloyd's introduced changes to the syndicate accounts process to rationalise and standardise financial
reporting across the market. As a result, certain comparative information has been restated to ensure consistency
with current year presentation and compliance with the Lloyd's Syndicate Accounts Instructions. We made the
following change:
Aggregation change
To align with Lloyd's reporting requirements whilst maintaining FRS 102 compliance, certain items have been
aggregated or disaggregated within the financial statements and related notes. This includes the presentation of
realised and unrealised gains and losses on investments, which are now shown on a disaggregated basis in the Non-
technical account of the Statement of profit or loss and other comprehensive income.
The aggregation change has been applied retrospectively and had no impact on previously reported profit, total
comprehensive income, total assets, total liabilities, or total capital and reserves.
2. Accounting policies
Use of judgement and estimates
In the preparation of the Syndicate’s annual accounts, 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).
Dale Underwriting Partners | Syndicate 1729
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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.
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
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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 2024 and 31 December 2023 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.
Dale Underwriting Partners | Syndicate 1729
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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 2024 or 2023.
Ceded reinsurance arrangements do not relieve the Syndicate from its obligations to policyholders.
Insurance receivables
Insurance receivables are recognised when due and measured on initial recognition at the fair value of the
consideration received or receivable. Subsequent to initial recognition, insurance receivables are measured at
amortised cost, using the effective interest rate method. The carrying value of insurance receivables is reviewed for
impairment whenever events or circumstances indicate that the carrying amount may not be recoverable, with the
impairment loss recorded in the income statement.
Insurance receivables are not recognised when the derecognition criteria for financial assets have been met.
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.
Insurance payables
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.
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.
Dale Underwriting Partners | Syndicate 1729
26
• 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
27
3. Analysis of underwriting result
An analysis of the underwriting result before investment return is set out below:
2024
Gross
premiums
written
Gross
premium
earned
Gross
claims
incurred
Gross
operating
expenses
Reinsurance
balance
Underwriting
results
$’000
$’000
$’000
$’000
$’000
$’000
Direct insurance
Accident & Health
12,590
11,221
(9,128)
(3,089)
88
(908)
Motor (third-party
liability)
1,778
1,904
(822)
(524)
(102)
456
Motor (other classes)
10,770
11,073
(1,504)
(3,048)
887
7,408
Marine aviation and
transport
9,236
8,108
(19,401)
(2,232)
2,116
(11,409)
Fire and other damage
to property
182,628
165,646
(66,871)
(45,602)
(3,580)
49,593
Third-party liability
117,755
111,571
(132,901)
(30,710)
2,616
(49,424)
Miscellaneous
35,225
32,004
(24,567)
(8,810)
15
(1,358)
369,982
341,527
(255,194)
(94,015)
2,040
(5,642)
Reinsurance
123,494
110,565
(58,811)
(30,434)
(7,015)
14,305
Total
493,476
452,092
(314,005)
(124,449)
(4,975)
8,663
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:
2024
Gross
premiums
written
Gross
premium
earned
Gross
claims
incurred
Gross
operating
expenses
Reinsurance
balance
Underwriting
results
$’000
$’000
$’000
$’000
$’000
$’000
Additional analysis
Fire and damage to property is:
Specialities
3,323
3,207
(131)
(883)
(110)
2,083
Energy
-
-
-
-
-
-
Third party liability of which is:
Energy
-
-
-
-
-
-
Dale Underwriting Partners | Syndicate 1729
28
2023
Gross
premiums
written
Gross
premium
earned
Gross
claims
incurred
Gross
operating
expenses
Reinsurance
balance
Underwriting
results
$’000
$’000
$’000
$’000
$’000
$’000
Direct insurance
Accident & Health
13,322
13,654
(4,018)
(3,191)
(635)
5,810
Motor (third-party liability)
995
882
(80)
(518)
(346)
(62)
Motor (other classes)
8,745
11,037
(7,753)
(2,823)
(1,403)
(942)
Marine aviation and
transport
4,947
5,047
(5,485)
(1,257)
(682)
(2,377)
Fire and other damage
to property
149,536
131,820
(59,964)
(34,741)
(14,388)
22,727
Third-party liability
106,264
97,592
(33,530)
(25,375)
(6,084)
32,603
Miscellaneous
29,720
25,901
(29,352)
(6,765)
(2,720)
(12,936)
313,529
285,933
(140,182)
(74,670)
(26,258)
44,823
Reinsurance
65,005
63,524
(53,388)
(18,132)
(2,550)
(10,546)
Total
378,534
349,457
(193,570)
(92,802)
(28,808)
34,277
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:
2023
Gross
premiums
written
Gross
premium
earned
Gross
claims
incurred
Gross
operating
expenses
Reinsurance
balance
Underwriting
results
$’000
$’000
$’000
$’000
$’000
$’000
Additional analysis
Fire and damage to property is:
Specialities
2,763
2,593
(746)
(691)
(686)
470
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:
2024
2023
$’000
$’000
United Kingdom
357,998
302,262
European Union Member States
11,984
11,267
Total gross premium written
369,982
313,529
The main class included in Miscellaneous in the table is Pecuniary Loss. The reinsurance balance 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.
All premiums were concluded in the UK.
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 for 2024.
Dale Underwriting Partners | Syndicate 1729
29
4. Technical provisions
2024
2023
Gross
provisions
$’000
Reinsurance
assets
$’000
Net
$’000
Gross
provisions
$’000
Reinsurance
assets
$’000
Net
$’000
Claims
outstanding
Balance at 1
January
368,826
(64,968)
303,858
341,747
(86,188)
255,559
Claims paid during
the year
(150,649)
24,028
(126,621)
(168,437)
36,504
(131,933)
Expected cost of
current year
claims
314,005
(50,331)
263,674
193,570
(15,235)
178,335
Foreign exchange
movements
(2,449)
(9)
(2,458)
1,946
(49)
1,897
Balance at 31
December
529,733
(91,280)
438,453
368,826
(64,968)
303,858
Unearned
premiums
Balance at 1
January
164,133
(20,051)
144,082
133,494
(18,960)
114,534
Premium written
during the year
493,476
(60,105)
433,371
378,534
(45,477)
333,057
Premium earned
during the year
(452,092)
55,423
(396,669)
(349,457)
44,525
(304,932)
Foreign exchange
movements
(1,627)
(16)
(1,643)
1,562
(139)
1,423
Balance at 31
December
203,890
(24,749)
179,141
164,133
(20,051)
144,082
Deferred
acquisition costs
Balance at 1
January
43,748
-
43,748
33,559
-
33,559
Incurred deferred
acquisition costs
125,138
-
125,138
92,829
-
92,829
Amortised
deferred
acquisition costs
(111,737)
-
(111,737)
(84,108)
-
(84,108)
Foreign exchange
movements
(787)
-
(787)
1,468
-
1,468
Balance at 31
December
56,362
-
56,362
43,748
-
43,748
Dale Underwriting Partners | Syndicate 1729
30
5. Net operating expenses
2024
2023
$’000
$’000
Acquisition costs
125,138
92,826
Change in deferred acquisition costs
(13,401)
(8,721)
Administration expenses
2,645
3,254
Members’ standard personal expenses
10,067
5,443
Reinsurance Commissions
(117)
(482)
Net operating expenses
124,332
92,320
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:
2024
2023
$’000
$’000
Total commission for direct insurance business
62,054
59,696
6. 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.
2024
2023
$’000
$’000
Wages and salaries
20,169
15,032
Social security costs
3,746
2,127
Other pension costs
1,072
1,693
24,987
18,852
The average number of employees working during the year for the Syndicate were as follows:
2024
2023
Administration and finance
52
38
Underwriting
45
41
Claims
8
7
105
86
Dale Underwriting Partners | Syndicate 1729
31
7. Auditor’s remuneration
2024
2023
$’000
$’000
Audit of the Syndicate annual accounts
73
64
Other services pursuant to Regulations and Lloyd’s Byelaws
369
344
Other non-audit services
120
99
562
507
Auditor’s remuneration is included as part of the administrative expenses in note 5 to the financial statements.
8. 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
2024 were:
2024
2023
$’000
$’000
Directors’ emoluments
1,611
1,560
Number of directors that are members of a defined contribution scheme:
3
The active underwriter received the following aggregate remuneration
charged to the Syndicate
2024
2023
$000
$’000
Emoluments
563
544
Dale Underwriting Partners | Syndicate 1729
32
9. Investment return
2024
2023
$’000
$’000
Interest and similar income
From financial assets designated at fair value through profit or loss
- Interest and similar income
17,735
10,642
Other income from investments
Gains on the realisation of investments
887
691
Losses on the realisation of investments
(248)
(47)
Unrealised gains on investments
2,305
3,705
Unrealised losses on investments
(1,330)
(241)
Financial liabilities at amortised cost
Interest expense
-
-
Investment expenses and charges
(319)
(171)
Total investment return
19,030
14,579
The investment return was wholly allocated to the technical account
10. Financial investments
2024
Carrying
value
Purchase
price
Listed
$’000
$’000
$’000
Shares and other variable yield securities and units in unit trusts
- Designated at fair value through profit or loss
40,740
40,740
40,740
Debt securities and other fixed income securities
- Designated at fair value through profit or loss
440,565
439,601
447,195
481,305
480,341
487,935
2023
Carrying
value
Purchase
price
Listed
$’000
$’000
$’000
Shares and other variable yield securities and units in unit trusts
- Designated at fair value through profit or loss
73,520
73,520
73,520
Debt securities and other fixed income securities
- Designated at fair value through profit or loss
249,601
246,126
251,350
323,121
319,646
324,870
Dale Underwriting Partners | Syndicate 1729
33
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.
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
$’000
$’000
$’000
$’000
31 December 2024
Shares and other variable yield securities and
units in unit trusts
-
38,445
-
38,445
Debt securities and other fixed income securities
-
440,565
-
440,565
Syndicate loans to central fund
-
-
2,295
2,295
Total
-
479,010
2,295
481,305
Level 1
Level 2
Level 3
Total
$’000
$’000
$’000
$’000
31 December 2023
Shares and other variable yield securities and
units in unit trusts
-
70,653
-
70,653
Debt securities and other fixed income securities
-
249,601
-
249,601
Syndicate loans to central fund
-
-
2,867
2,867
Total
-
320,254
2,867
323,121
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
34
11. Debtors arising out of direct insurance operations
2024
2023
$’000
$’000
Due - (within one year)
68,376
52,492
68,376
52,492
12. Debtors arising out of reinsurance operations
2024
2023
$’000
$’000
Due - (within one year)
81,139
74,681
Due - (after one year)
3,718
3,715
84,857
78,396
13. Other debtors
2024
2023
$’000
$’000
Other related party balances (non-syndicate)
1,629
3,761
1,629
3,761
14. Creditors arising out of direct insurance operations
2024
2023
$’000
$’000
Due to intermediaries (within one year)
3,131
2,897
3,131
2,897
15. Creditors arising out of reinsurance operations
2024
2023
$’000
$’000
Amounts due within one year:
Reinsurance accepted
10,548
3,907
Reinsurance ceded
17,573
31,817
28,121
35,724
Amounts due after one year:
Reinsurance accepted
31
-
Reinsurance ceded
3,005
4,847
3,036
4,847
Dale Underwriting Partners | Syndicate 1729
35
16. Other creditors
2024
2023
$’000
$’000
Other related party balances (non-syndicate)
126
-
Profit commission payable
3,773
-
3,899
-
17. Other assets
Other assets comprise overseas deposits which are lodged as a condition of conducting underwriting business in
certain countries.
18. Cash and cash equivalents
2024
2023
$’000
$’000
Cash at bank and in hand
6,910
7,878
Shares and other variable yield securities and units in unit trusts
38,445
73,520
45,355
81,398
Syndicate loan to central fund
(2,295)
(2,867)
43,060
78,531
Shares and other variable yield securities and units in unit trusts are investments in nature but are treated as Cash
and cash equivalents for cash flow purposes, so therefore are included in both Financial investments and Cash and
cash equivalents.
19. Related parties
From 1 October 2022, Dale Managing Agency Limited (DMAL) became the Managing Agent for Syndicate 1729 and
received $2.6m in respect of Managing Agency fees during 2024 (2023 - $2.2m). At the year-end date a balance of
$0.1m was due to DMAL from the Syndicate.
Dale Partners Limited (DPL), a company registered in England and Wales, is the parent company of the Dale Group.
The ultimate and controlling party is Dale Holdings Jersey Limited, which 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 $35.4m were recharged by DSSL to the
Syndicate during 2024. At the year-end date a balance of $1.6m was due from DSSL to the Syndicate.
Heather McKinley, 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 2024.
20. Disclosure of interests
Managing Agent’s interest
Dale Managing Agency Limited were the managing agency for Syndicate 1729 and Special Purpose Arrangement
6131 throughout 2024.
Dale Underwriting Partners | Syndicate 1729
36
21. 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. Refer to note 22 for further details.
22. Risk management
a) Governance 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.
b) Capital management objectives, policies and approach
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.
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 2024 was 35% of the member's SCR 'to ultimate'.
Dale Underwriting Partners | Syndicate 1729
37
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 19, represent resources available to
meet members' and Lloyd's capital requirements.
c) 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
2024:
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).
Estimated Gross loss
Estimated Net loss
$’000
$’000
AEP Loss 30 Year Return Period - Whole World
(166,170)
(72,286)
AEP loss 30 Year Return Period - North Atlantic Windstorm
(120,222)
(52,455)
AEP loss 30 Year Return Period - North American
Earthquake (US and Canada)
(32,897)
(16,819)
RDS losses which are deterministic events
Estimated Gross loss
Estimated Net loss
$’000
$’000
Alternative Scenario A - Katrina/Maria WS (two events)
(123,478)
(52,988)
Gulf of Mexico Windstorm
(185,429)
(50,098)
California Earthquake - Los Angeles
(80,528)
(33,621)
Loss of Major Complex
(60,305)
(24,474)
Liability 1 - Medical Malpractice US
(25,742)
(11,801)
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
Dale Underwriting Partners | Syndicate 1729
38
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.
Sensitivities
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 2024
Sensitivity
+ 5.0%
£’000
-5.0%
£’000
Claims outstanding – gross of reinsurance
26,487
(26,487)
Claims outstanding – net of reinsurance
21,923
(21,923)
31 December 2023
Sensitivity
+ 5.0%
£’000
-5.0%
£’000
Claims outstanding – gross of reinsurance
18,441
(18,441)
Claims outstanding – net of reinsurance
15,193
(15,193)
The method used for deriving sensitivity information and significant assumptions did not change from the previous
period.
Dale Underwriting Partners | Syndicate 1729
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Claims development table
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.
Underwriting year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Estimate of cumulative gross claims
incurred:
At end of underwriting year
22,487
31,378
42,221
79,999
56,837
45,974
78,311
132,038
137,266
105,590
148,515
One year later
41,229
59,801
83,316
133,447
103,515
100,031
139,646
180,257
206,674
191,855
Two years later
42,246
60,843
91,666
143,777
112,427
106,047
141,888
179,889
231,490
Three years later
41,989
59,496
92,590
145,372
109,754
105,335
141,972
204,974
Four years later
41,827
58,965
92,564
143,815
112,765
107,647
149,192
Five years later
41,328
58,783
94,450
149,295
119,423
113,651
Six years later
41,262
58,516
98,299
153,602
123,086
Seven years later
40,080
61,225
101,652
161,684
Eight years later
42,266
62,264
103,202
Nine years later
42,865
62,855
Ten years later
43,772
Less cumulative gross paid
(41,755)
(58,237)
(94,670)
(146,030)
(106,856)
(95,003)
(123,289)
(134,106)
(137,176)
(52,551)
(14,870)
Liability for gross outstanding claims
2,017
4,618
8,532
15,654
16,230
18,648
25,903
70,868
94,314
139,304
133,645
Total gross outstanding claims all years
529,733
Dale Underwriting Partners | Syndicate 1729
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Underwriting year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Estimate of cumulative net claims incurred:
At end of underwriting year
21,271
28,176
36,529
39,142
41,729
40,344
65,711
75,917
110,913
94,501
138,595
One year later
39,895
55,139
72,832
77,647
77,363
75,110
101,434
115,691
186,331
170,257
Two years later
41,437
56,944
76,982
81,815
81,290
77,464
103,445
120,973
217,361
Three years later
41,173
55,580
75,627
80,254
80,455
76,754
100,194
138,044
Four years later
41,010
55,042
73,657
78,899
77,207
74,304
115,778
Five years later
40,511
54,851
76,517
79,993
79,160
85,559
Six years later
40,311
54,581
77,510
85,378
85,789
Seven years later
39,122
56,081
82,418
95,879
Eight years later
41,450
57,105
85,944
Nine years later
41,887
58,521
Ten years later
42,785
Less cumulative gross paid
(40,946)
(54,158)
(78,249)
(81,193)
(73,652)
(72,503)
(95,428)
(89,778)
(142,485)
(52,797)
(14,870)
Liability for net outstanding claims
1,839
4,363
7,695
14,686
12,137
13,056
20,350
48,266
74,876
117,460
123,725
Total net outstanding claims all years
438,453
Dale Underwriting Partners | Syndicate 1729
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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.
d) Financial risk
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 is 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 Reinsurance Security
Committee.
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 $35.6m (2023: $36.6m).
2024
$’000
Neither past
due nor
impaired
assets
Past due but
not impaired
assets
Gross value of
impaired assets
Total
Deposits with ceding undertakings
35
-
-
35
Debtors arising out of direct insurance
operations
62,178
6,198
-
68,376
Debtors arising out of reinsurance
operations
79,685
5,172
-
84,857
Total
141,898
11,370
-
153,268
Dale Underwriting Partners | Syndicate 1729
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2023
$’000
Neither past
due nor
impaired
assets
Past due but
not impaired
assets
Gross value of
impaired assets
Total
Deposits with ceding undertakings
285
-
-
285
Debtors arising out of direct insurance
operations
51,422
1,070
-
52,492
Debtors arising out of reinsurance
operations
77,381
1,015
-
78,396
Total
129,088
2,085
-
131,173
.
2024
$’000
0-3 months
past due
3-6 months
past due
6-12 months
past due
Greater than 1
year past due
Total
Debtors arising out of direct
insurance operations
4,191
1,061
804
142
6,198
Debtors arising out of
reinsurance operations
3,200
1,239
632
101
5,172
Total
7,391
2,300
1,436
243
11,370
2023
$’000
0-3 months
past due
3-6 months
past due
6-12 months
past due
Greater than 1
year past due
Total
Debtors arising out of direct
insurance operations
-
1,070
-
-
1,070
Debtors arising out of
reinsurance operations
-
1,015
-
-
1,015
Total
-
2,085
-
-
2,085
The table below provides information regarding the credit risk exposure of the Syndicate at 31 December 2024 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.
Dale Underwriting Partners | Syndicate 1729
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2024
$’000
AAA
AA
A
BBB
BBB or
less
Not
Rated
Total
Shares and other variable
yield securities
-
-
38,445
-
-
-
38,445
Debt Securities
13,160
142,206
213,880
71,319
-
-
440,565
Loans to central fund
-
-
2,295
-
-
-
2,295
Other assets
7,055
1,713
1,455
981
983
1,503
13,690
Deposits with ceding
undertakings
-
-
35
-
-
-
35
Reinsurers share of claims
outstanding
-
54,609
28,280
55
2,424
5,912
91,280
Debtors arising out of direct
insurance operations
-
-
-
-
-
68,376
68,376
Debtors arising out of
reinsurance operations
-
14,671
54,741
211
1,629
13,605
84,857
Cash and cash equivalents
-
-
6,910
-
-
-
6,910
Other debtors and accrued
interest
-
-
-
-
-
9,117
9,117
Total
20,215
213,199
346,041
72,566
5,036
98,513
755,570
2023
$’000
AAA
AA
A
BBB
BBB or
less
Not
Rated
Total
Shares and other variable
yield securities
-
-
70,653
-
-
-
70,653
Debt Securities
-
85,664
152,798
11,139
-
-
249,601
Loans to central fund
-
-
2,867
-
-
-
2,867
Other assets
9,521
1,718
1,335
1,207
431
1,588
15,800
Deposits with ceding
undertakings
-
-
285
-
-
-
285
Reinsurers share of claims
outstanding
-
3,438
47,282
-
-
14,248
64,968
Debtors arising out of direct
insurance operations
-
-
-
-
-
52,492
52,492
Debtor arising out of
reinsurance operations
-
12,153
62,554
-
-
3,689
78,396
Cash and cash equivalents
-
-
7,878
-
-
-
7,878
Other debtors and accrued
interest
-
-
-
-
-
10,013
10,013
Total
9,521
102,973
345,652
12,346
431
82,030
552,953
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.
Dale Underwriting Partners | Syndicate 1729
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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.
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.
2024
$’000
No maturity
stated
0-1 Year
1-3 Years
3-5 Years
More than 5
years
Total
Claims outstanding
-
175,816
178,900
84,488
90,529
529,733
Creditors
-
35,151
3,036
-
-
38,187
Total
-
210,967
181,936
84,488
90,529
567,920
2023
$’000
No maturity
stated
0-1 Year
1-3 Years
3-5 Years
More than 5
years
Total
Claims outstanding
-
125,738
126,182
56,394
60,512
368,826
Creditors
-
38,621
4,847
-
-
43,468
Total
-
164,359
131,029
56,394
60,512
412,294
3) Market risk
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:
2024
$’000
Sterling
US dollar
Euro
Canadian
dollar
Japanese
Yen
Total
Total Assets
4,586
773,450
22,755
26,447
9,443
836,681
Total Liabilities
(53,529)
(679,556)
(23,388)
(15,409)
(894)
(772,776)
Net Assets
(48,943)
93,894
(633)
11,038
8,549
63,905
Dale Underwriting Partners | Syndicate 1729
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2023
$’000
Sterling
US dollar
Euro
Canadian
dollar
Japanese
Yen
Total
Total Assets
57,909
512,282
5,138
35,657
5,766
616,752
Total Liabilities
(46,881)
(497,439)
(14,727)
(14,048)
(4,153)
(577,248)
Net Assets
11,028
14,843
(9,589)
21,609
1,613
39,504
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 2024.
Impact on profit and member’s balance
2024
2023
Profit/ (Loss)
Profit/ (Loss)
$’000
$’000
US Dollar weakens
10% against other currencies
(2,999)
2,466
20% against other currencies
(5,998)
4,933
US Dollar strengthens
10% against other currencies
2,999
(2,466)
20% against other currencies
5,998
(4,933)
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.
Impact on profit and member’s balance
2024
2023
$’000
$’000
Interest Rate Risk
Impact of 50 basis point increase on result
(4,086)
(2,066)
Impact of 50 basis point decrease on result
4,035
2,085
Impact of 50 basis point increase on net assets
(4,086)
(2,066)
Impact of 50 basis point decrease on net assets
4,035
2,085
The method used for deriving sensitivity information and significant variables did not change from the previous period.
Dale Underwriting Partners | Syndicate 1729
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23. Post balance sheet events
The Syndicate will collect $37.0m from members in 2025, in relation to the 2022 year of account losses including
member’s agent fee.
24. 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 $35.6m (2023: $36.6m). The Syndicate has not been party to any other arrangements that are not
reflected in its balance sheet.
25. Contingencies and commitments
There were no contingencies and commitments required to be disclosed in the Syndicate financial statements.
26. Foreign exchange rates
| 2024 | 2023 | |||||
Start of period rate | End of period rate | Average rate | Start of period rate | End of period rate | Average rate | |
USD | ||||||
GBP | ||||||
CAD | ||||||
EUR | ||||||
JPY |
27. Distribution and open year of account
A collection from members of $37.0m will be proposed in relation to the closing years 2022 (2023: $1.2 distribution
in relation to the closing year of account 2021)
Dale Underwriting Partners | Syndicate 1729
47
Dale Underwriting Partners
70 St. Mary Axe
London EC3A 8BE
T: +44 (0)20 3307 1490
E: info@daleuw.com
www.daleuw.com
