We manage our investments at the corporate level, and we apply a consistent management strategy to the entire portfolio. Accordingly, we report our investment results and net realized investment gains and losses within our corporate segment. Our corporate segment also includes nonpremium revenues generated outside of our insurance entities, and corporate expenses, including interest expense and U.S. income taxes. Our overall investment strategy is to maximize current income from our investment portfolio while maintaining safety, liquidity, duration targets, and portfolio diversification. The portfolio is generally managed by professional third-party asset managers whose results we monitor and evaluate. The asset managers typically have the authority to make investment decisions within the asset classes they are responsible for managing, subject to our investment policy and oversight, including a requirement that securities in a loss position cannot be sold without specific authorization from us.
Our Lloyd's Syndicates segment includes the results from our participation in Syndicates 1729 and 6131. Effective January 1, 2022, Syndicate 6131 ceased underwriting on a quota share basis with Syndicate 1729 as Syndicate 6131's applicable business is retained within Syndicate 1729 beginning with the 2022 year of account. Premium from our participation in the results of Syndicate 6131 from open underwriting years prior to 2022 will continue to earn out pro rata over the entire policy period of the underlying business.
In addition to our participation in Syndicate results, we have investments in and obligations to Syndicate 1729 consisting of a Syndicate Credit Agreement and FAL requirements. The Syndicate Credit Agreement was issued for the purpose of providing working capital to Syndicate 1729. At December 31, 2022, the maximum permitted borrowings under the Syndicate 12 Credit Agreement were approximately £15.0 million. We provide FAL to support underwriting by Syndicate 1729 which is comprised of investment securities and cash and cash equivalents deposited with Lloyd's with a total fair value of approximately $24.8 million at December 31, 2022.
We provide capital to Syndicate 1729, which covers a range of property and casualty insurance and reinsurance lines in both the U.S. and international markets. The remaining capital for Syndicate 1729 is provided by unrelated third parties, including private names and other corporate members. For the 2023 underwriting year, our participation in the results of Syndicate 1729 remains unchanged at approximately 5%. Syndicate 1729's maximum underwriting capacity for the 2023 underwriting year is £280 million (approximately $338 million at December 31, 2022), of which £15 million (approximately $19 million at December 31, 2022) is our allocated underwriting capacity.
Our Lloyd's Syndicates segment products are distributed principally through retail brokers and coverholders (i.e., only those authorized by our retail brokers to enter into a contract but only in accordance with specified terms), which consist primarily of premium written through open-market channels and delegated underwriting authority arrangements. Syndicate 1729 writes business in the Lloyd's marketplace and has access to international markets across the world.
Dale Underwriting Partners
ProAssurance is the majority capital provider for Lloyd's of London Syndicate 1729 (Syndicate), which is managed by Dale Underwriting Partners. The Syndicate underwrites insurance and reinsurance in both the U.S. and international markets. Its business includes insurance for large property risks and reinsurance for property, healthcare professional liability, general liability, and workers’ compensation coverages.