Dale Underwriting, DUAL set up new joint MGU enterprise
Dale Underwriting Partners and DUAL have signed a new joint venture agreement in which the two companies combine their underwriting expertise in a single MGU (Managing General Underwriter) unit.
The new company, Dale DUAL MGU Limited (DDML), was also formed in partnership with Aviva. As part of the deal, Aviva has signed a three-year contract to provide capacity for the medium-sized global commercial real estate business with Dale’s real estate insurance team, which is focused on the United States.
DDML’s first focus will be to provide additional capacity to Dale’s existing underwriting teams. The company is led by Ian Bridge, the current Underwriting Director and Head of Property Insurance at Dale Underwriting Partners.
“This is an important development for Dale Underwriting Partners. Our partnership with DUAL, the largest international managing general agent in the world, and Aviva is a fantastic endorsement of the quality of our underwriting expertise and access to sales in this rapidly improving market, ”said Duncan Dale, CEO of Dale Underwriting Partners.
The chief executive added that the company is providing Dale’s clients and brokers with additional “quality capabilities” to complement the offerings of the Lloyd’s Syndicate.
“We are excited to announce the launch of DDML in partnership with Dale Underwriting. Dale has a well deserved reputation for excellent underwriting, which makes them a perfect partner for DUAL, ”said Richard Clapham, CEO of DUAL Group.
“This is a great opportunity for us to expand and continue our relationship with DUAL as part of this collaboration with DDML. We are pleased to have capacity primarily for the mid-market in the US, an area where we have expanded our real estate classes, ”commented Nick Major, Aviva’s chief underwriting officer, Commercial Lives.