Davies strengthens its insurance services capabilities through strategic acquisition of Lloyd’s Managing Agent Asta
8th September 2021Tweet
Davies, the leading specialist professional services and technology business, serving the insurance and highly regulated markets, today announced the acquisition of Asta subject to regulatory approval. Asta is the market leading third party managing agent at Lloyd’s providing a range of solutions to Lloyd’s and non-Lloyd’s businesses across the insurance life cycle.
Based in London, UK, Asta is a key contributor to market innovations ranging from formalisation of the syndicate start-up process to the development of the Lloyd’s Syndicate-in-a-box (“SIAB”) framework. 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.
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 Julian and Simon will join 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.
In recent years Davies has diversified and deepened its global insurance services capability to provide: audit, subrogation management and insurance focused actuarial consulting for its 1,000+ insurance and highly regulated clients, alongside its existing insurance management solutions for captives, MGAs and brokers.
More widely, Davies has increased its annual investment in innovation and digital transformation more than four-fold, including in its CQ claims processing platform, legal AI and automation, its video and drone claims handling solutions, as well as investing in intelligent automation, speech analytics and virtual reality training solutions.
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.
Globally Davies’ 5,000 colleagues operate across Bermuda, Canada, Ireland, the UK and US. The business delivers professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation & change management.
Dan Saulter, Group CEO, 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.”
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.”
Julian Tighe, CEO, Asta added: “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.”Tweet