Davies acquires Lloyd’s MGA Asta

Professional services and technology business Davies has acquired Asta, a third-party managing agent at Lloyd’s, subject to regulatory approval.

As part of the deal, Asta CEO Julian Tighe and Asta chief underwriting officer Simon Norton will retain their current responsibilities and additionally assist in growing Davies’ insurance services practice. Both will join Davies’ global executive leadership team, and the Asta executive team will invest in Davies, becoming shareholders.

Mr Tighe commented: “We are extremely pleased that the Asta team will be joining Davies. Davies’ story of growth, investment in people and technology is one that resonated with the team at Asta. Similarly, the culture at both Davies and Asta focuses on employees, clients and service delivery. Asta’s current and prospective clients will benefit from having access to a broader technology-led platform and deeper resource base. Being part of the Davies group will give our employees additional career development opportunities, as well as give them access to a wealth of employee initiatives.”

According to Davies, Asta is a key contributor to market innovations ranging from formalisation of the syndicate startup process to the development of the Lloyd’s syndicate-in-a-box framework. The company said the deal adds significant strength and reach to Davies’ global insurance services practice, widening the firm’s ability to offer end-to-end insurance management solutions to intermediaries, captives, syndicates, insurers, reinsurers and insurtech businesses.

Dan Saulter, group CEO of Davies, commented: “I am delighted to welcome Julian, Simon and the wider Asta team to Davies. The business is a fantastic fit for us, bringing a wealth of underwriting management experience across the Lloyd’s market, as well as widening our insurance services offering for our insurance and highly regulated clients globally.”

Mr Saulter added: “To compete and win in an increasingly integrated global insurance market, it is essential that we can offer our clients valuable solutions right across the insurance, claims and risk value chain. The addition of Asta to our growing Davies platform provides an exciting opportunity for us to take a new message to our clients, and to provide new opportunities for our teams across the world.”

In March 2021, Davies announced that BC Partners has signed a definitive deal to take a majority stake in the business, to support Davies’ next phase of international expansion and continued digital transformation. The BC deal closed early in August, following receipt of regulatory approvals.

Back to top button