Insurance services firm Davies snaps up Asta
Insurance industry specialist professional services firm Davies has announced the acquisition of Asta, the Lloyd’s of London third party managing agent. Asta has played a key role in several market innovations, from the formalisation of the syndicate start-up process to the development of the Lloyd’s Syndicate-in-a-box (“SIAB”) framework.
Subject to regulatory approval, the deal will strengthen Davies’ global insurance services practice, which offers insurance management solutions for captives, intermediaries, syndicates, insurers, reinsurers, and insurtech businesses.
Asta CEO Julian Tighe and chief underwriting officer Simon Norton will stay in their positions under the deal and join Davies’ Global Executive Leadership team.
Davies has a global team of more than 5,000 professionals. Its captive management business in Bermuda and the US provides technical solutions to customers in Europe, the US, Latin America and Asia. It delivers captive operations, including rent-a-captive, re-insurance advice, and exit solutions.
Davies has diversified its global insurance services in recent years to provide audit, subrogation management, and insurance-focused actuarial consulting for over 1,000 insurance and highly regulated clients.
Dan Saulter, Davies group CEO, said: “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.
“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.”
Tighe said the deal would be good news for its clients: “Asta’s current and prospective clients will benefit from having access to a broader technology-led platform and deeper resource base.”