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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
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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
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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
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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 Accou