Davies, the professional services and technology business, has announced that it has completed its acquisition of Asta Capital, the third-party managing agent at Lloyd’s.
This follows approval by regulators including Lloyd’s, the UK’s Financial Conduct and Prudential Regulation Authorities, and the Dubai Financial Services Authority.
The company says the deal will add “significant strength and reach” to its global insurance services practice by broadening its ability to offer end-to-end insurance management solutions to entrepreneurial underwriters and MGAs, intermediaries, reinsurers and captives.
Based in London, Asta formalised the syndicate start-up process and developed the syndicate-in-a-box (SIAB) framework with Lloyd’s. The firm manages 16 syndicates (including five SIABs), four MGAs, and manages a gross premium in excess of £1.5 billion.
Asta CEO Julian Tighe and Chief Underwriting Officer Simon Norton will retain their existing responsibilities and additionally assist in growing Davies insurance services practice as members of Davies Global Executive Leadership Team.
Davies is a global captive manager, supporting more than 250 captive and cell companies. It has launched 60 MGAs and is the Lloyd’s Market Association’s preferred credit-control service provider, managing £17 billion of syndicate earned premium income across the 2020 to 2022 open years.
Dan Saulter, Group CEO, Davies, said: “This is a transformational deal for Davies in Lloyd’s, the London market, and beyond. Uniting Asta’s deep-seated Lloyd’s position with our existing insurance services and complaints management technology, specifically developed for the Lloyd’s market, enables us to take an exciting new message to our clients, extending our global offering with end-to-end support throughout our clients’ lifecycles at Lloyd’s.”
Julian Tighe, CEO, Asta said: “With almost no overlap in the services of Asta and Davies, and our closely matched cultures of innovation and growth, combining Asta and Davies makes perfect sense. Our existing and prospective clients will benefit from the broad range of technology-led services offered by Davies and Asta employees will benefit from much-extended opportunities and initiatives. It’s a superb outcome for all Asta stakeholders.”
