Davies has today completed its acquisition of Asta Capital (Asta), the third-party managing agent at Lloyd’s. The announcement follows approval by regulators including Lloyd’s, the UK’s Financial Conduct and Prudential Regulation Authorities, and the Dubai Financial Services Authority.
In a Press release, Davies said the deal lends substantial strength and reach to Davies’s global insurance assistance practice, broadening its ability to offer end-to-end security management solutions to underwriters and MGAs, intermediaries, reinsurers and captives, Lloyd’s syndicates, and insurtechs. London-based Asta manages 16 conglomerates and four MGAs and handles a gross premium of over £1.5 billion.
Per the terms of the transaction, Asta CEO Julian Tighe and chief underwriting officer Simon Norton will retain their existing responsibilities and also help to grow Davies’s security services practice as members of Davies’s global executive leadership team. The Asta executive team will invest in Davies to become shareholders as the firm undertakes the next stage of its strategic evolution.
Davies, meanwhile, supports more than 250 captive and cell companies and has launched 60 MGAs. It is also the Lloyd’s Market Association’s preferred credit-control service provider, managing £17 billion of syndicate received premium income across the 2020 to 2022 open years. Globally, Davies’s 6,000+ colleagues operate across Bermuda, Canada, India, Ireland, Spain, Switzerland, the UK, and the US.
Commenting on the Asta accession, Dan Saulter, group CEO of Davies, said it 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 security services and complaints management technology, specifically developed for Lloyd’s market, enables us to take an exciting new message to our clients,” he said, “extending our global offering with end-to-end support throughout our clients’ lifecycles at Lloyd’s.”
Asta CEO Julian Tighe also commented on the deal and accentuated that given the lack of overlap in Asta and Davies’s services, and the two firm’s closely matched cultures of innovation the growth, coming together made perfect sense.
“Our existing and prospective clients will benefit from the broad range of technology-led services given by Davies and Asta employees will benefit from much-extended chances and initiatives,” he added. “It’s a superb outcome for all Asta stakeholders.”