Davies acquires Johns Eastern Company
Dan Saulter, CEO, Davies Group
Davies has completed its acquisition of Asta Capital following approval by regulators including Lloyd’s, the UK’s Financial Conduct and Prudential Regulation Authorities, and the Dubai Financial Services Authority.
The deal adds significant strength and reach to Davies’ global insurance services practice by broadening its ability to offer end-to-end insurance management solutions to entrepreneurial underwriters and MGAs, intermediaries, (re)insurers and captives, Lloyd’s syndicates, and InsurTechs.
Based in London, UK, Asta formalised the syndicate start-up process and developed the syndicate-in-a-box (SIAB) framework with Lloyd’s. The firm manages 16 syndicates (including five SIABs), four MGAs, and manages a gross premium in excess of £1.5bn.
Asta chief executive Julian Tighe and chief underwriting officer Simon Norton will retain their existing responsibilities and additionally assist in growing Davies insurance services practice as members of 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.
“This is a transformational deal for Davies in Lloyd’s, the London market, and beyond,” said Dan Saulter, group chief executive, 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.”
Davies, completes, Asta, purchase