Davies creates ‘insurance services powerhouse’ with acquisition of Asta

Davies, a specialist professional services and technology business serving insurance and highly regulated markets, has completed its acquisition of Asta Capital, a leading third-party managing agent at Lloyd’s, following approval by regulators including Lloyd’s, the UK’s Financial Conduct and Prudential Regulation Authorities, and the Dubai Financial Services Authority.

The deal adds significant strength and reach to  Davies’ global insurance services practice by broadening its ability to offer end-to-end insurance management solutions to entrepreneurial underwriters and MGAs, intermediaries, re/insurers and captives, Lloyd’s syndicates, and insurtechs.

Asta CEO Julian Tighe (pictured left) 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. The Asta executive team will invest in  Davies, becoming shareholders as the firm embarks on its next phase of investment in digital transformation, innovation, and growth.

Dan Saulter (pictured right), group CEO of  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 of Asta added: “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.”

Based in London, UK, Asta is a driver of innovation in Lloyd’s and the London market. It formalised the syndicate start-up process and developed the syndicate-in-a-box (SIAB) framework with Lloyd’s. Asta is the premier choice for potential Lloyd’s market entrants, whether through a full syndicate, SIAB, special purpose arrangement, or captive. The firm manages 16 syndicates (including five SIABs), four MGAs, and manages a gross premium in excess of £1.5 billion.

In recent years  Davies’ Insurance Services unit has diversified and deepened its global capability to provide: audit, subrogation management, property & casualty insurance inspection and insurance focused actuarial consulting for its 1,200+ insurance and highly regulated clients.

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 credit-control service provider, managing £17 billion of syndicate earned premium income across the 2020 to 2022 open years. Globally, the company operate across Bermuda, Canada, India, Ireland, Spain, Switzerland, the UK and US.

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