Asta, the third-party managing agent at Lloyd’s and part of the Davies Group, has formally assumed management of Syndicate 1947, operated by GIC Re, following regulatory approval from Lloyd’s.
Effective July 1, the novation of the managing agency agreement transfers oversight of both open and prior years of account to Asta. The firm will deliver comprehensive operational and governance services, including regulatory compliance, reporting, risk management, and day-to-day syndicate operations.
Syndicate 1947 was established in 2018 to provide GIC Re—a state-owned reinsurer based in India—with a sustainable underwriting platform at Lloyd’s. The syndicate underwrites a diverse mix of business, including property direct and facultative, property treaty, marine and specialty treaty, as well as non-marine specialty and consortia risks. It is fully capitalised by GIC Re through its Lloyd’s corporate member.
This transition follows GIC Re’s previous operation of its own managing agency for the syndicate. The new partnership with Asta is intended to streamline management processes while enabling GIC Re to continue operating under a fully aligned capital model at Lloyd’s.
Asta Chief Executive Julian Tighe noted that the firm will continue working closely with GIC Re throughout the remainder of 2025 and into subsequent underwriting years to ensure a smooth transition and continued success.
