Consulting and technology solutions provider Davies has completed its acquisition of Asta Capital (Asta), the third-party managing agent at Lloyd’s, following approval by regulators. Davies delivers professional services and technology solutions across the risk and insurance value chain. The mandate is expected to strengthen Davies’ global insurance services practice by broadening its ability to offer end-to-end insurance management solutions to entrepreneurial underwriters and managing general agencies, intermediaries, (re)insurers and captives, Lloyd’s syndicates, and insurtechs. Based in London, 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 managing general agencies, and manages a gross premium in excess of £1.5 billion. Asta CEO 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 become shareholders. Davies supports more than 250 captive and cell companies. It has launched 60 MGAs and operates across Bermuda, Canada, India, Ireland, Spain, Switzerland, the UK and US. Its services include underwriting, distribution, regulation, customer experience, human capital, digital transformation and change management. Dan Saulter, group CEO of Davies, comments: “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.” Julian Tighe, CEO of Asta, adds: “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.”
