K2 Insurance Services, a prominent independent MGA platform, and Dale Underwriting Partners, the trading name for Dale Managing Agency Ltd.’s Lloyd’s Syndicate 1729, have jointly received Lloyd’s coveted “in principle” approval to establish Syndicate 1954. This milestone marks a significant strategic development for both organisations as they deepen their collaboration within the global insurance marketplace.
Syndicate 1954 will operate as a Special Purpose Arrangement (SPA), overseen by Dale Managing Agency Ltd. and hosted by Dale Syndicate 1729. The new SPA is projected to write approximately £80 million in gross written premium (GWP) in 2026, with Dale expected to retain 40% of this portfolio. The capital structure reflects a robust partnership, with K2 contributing 20% of the underwriting capital, resulting in more than half of the total portfolio being funded by capital aligned with the two partners. This creates a strong foundation for long-term stability and growth.
The syndicate’s portfolio will comprise property, casualty and specialty programmes. It will blend K2’s sophisticated underwriting analytics with Dale’s rigorous underwriting standards and targeted risk appetite. Together, these strengths aim to deliver a disciplined and performance-driven underwriting approach.
One of the most notable aspects of the new SPA is its contribution of fully incremental premium to the Lloyd’s market. This includes a range of new insurance products that do not currently exist within Lloyd’s. Furthermore, the partnership will benefit from Lloyd’s extensive global licensing network, enabling expanded distribution and innovative product development across key international territories.
Ian Bridge, active underwriter at Dale Underwriting Partners, said the launch highlights the organisations’ shared commitment to disciplined underwriting and thoughtful portfolio expansion. Duncan Dale, chief executive of Dale Underwriting Partners, reinforced this point, stating that Syndicate 1954 embodies their ambition to develop high-quality partnerships backed by aligned capital and efficient structures.
Parth Patel, chief underwriting officer at K2 International, emphasised that Lloyd’s offers the ideal platform for deploying K2’s own risk capital alongside its market-leading underwriting expertise. He added that the arrangement strengthens alignment with both longstanding and newly established capacity partners.
K2 Group CEO Bob Kimmel described the development as a major strategic milestone in the company’s evolution. He noted that Lloyd’s “in-principle” approval serves as a powerful endorsement of K2’s underwriting quality and governance framework. Syndicate 1954, he said, represents an entrepreneurial, purpose-built platform designed to deliver sustainable value to all stakeholders.