The pair’s shared culture of innovation and growth are ‘closely matched’, says chief executive
Insurance services firm Davies has today (18 July 2022) completed its acquisition of Lloyd’s of London managing agent, Asta Capital.
It follows approval by regulators including Lloyd’s, the UK’s Financial Conduct and Prudential Regulation Authorities and the Dubai Financial Services Authority.
The deal adds 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, reinsurers and captives, Lloyd’s syndicates and insurtechs.
Dan Saulter, Davies’ group chief executive, said: “This 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 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.”
Closely matched cultures
London-based Asta is a driver of innovation in Lloyd’s and the London market, having formalised the syndicate start-up process and developing the syndicate-in-a-box (SIAB) framework with Lloyd’s.
Asta’s 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 firm manages 16 syndicates including five SIABs, four MGAs and manages a gross premium in excess of £1.5bn.
Julian Tighe, Asta’s chief executive, 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.”
The Asta executive team will invest in Davies, becoming shareholders as the firm takes its next phase of investment in digital transformation, innovation and growth forward.