The deal adds significant strength and reach to Davies’ global insurance services practice
Claims organisation Davies has today (8 September 2021) announced the acquisition of third party Lloyd’s managing agency Asta, subject to regulatory approval.
UK-based Asta provides a range of solutions to Lloyd’s and non-Lloyd’s businesses across the insurance lifecycle.
It is a key contributor to market innovations, for example helping to formalise the syndicate startup process and assisting with the development of Lloyd’s Syndicate-in-a-box 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.
Dan Saulter, Davies group chief executive, said: “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.
“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.”
As part of the deal, Asta’s chief executive Julian Tighe and Asta’s chief underwriting officer Simon Norton will retain their current responsibilities and additionally assist in growing Davies’ insurance services practice.
Both Tighe and Norton will join Davies’ global executive leadership team. Asta’s managing director Lorraine Harfitt and chief financial officer David Hunt will join Davies’ senior leadership team.
Tighe said: “This was a hugely important deal for Asta, Davies and our respective clients and employees. 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.”
Meanwhile the Asta executive team will invest in Davies to become shareholders as the firm embarks on its next phase of investment in digital transformation and growth.
Davies has worked to increase its annual investment in innovation and digital transformation more than four-fold over recent years, including across its CQ claims processing platform, legal artificial intelligence and automation, as well as its video and drone claims handling solutions.
Norton added: “We’re delighted with the deal. It was important to work with advisers with a deep understanding of insurance market transactions and who are expert at looking after management teams in the market.”