Davies deal enhances insurance portfolio
18th July 2022Tweet
Davies has completed its acquisition of Asta Capital, the third-party managing agent at Lloyd’s.
The deal broadens Davies’ ability to offer end-to-end insurance management solutions to underwriters and MGAs, intermediaries, insurers and insurtechs.
Astra, which formalised the syndicate start-up process and developed the syndicate-in-a-box (SIAB) framework with Lloyd’s, manages 16 syndicates, four MGAs, and manages a gross premium in excess of £1.5bn.
As part of the deal, CEO Julian Tighe and Chief Underwriting Officer Simon Norton will retain their existing responsibilities while the Asta executive team will become shareholders in Davies.
Dan Saulter, Group CEO, Davies, said: “This is a transformational deal for Davies. 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.”
Tighe 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.”Tweet