It’s a busy time for Davies, who announced today that it has completed its acquisition of Asta Capital (“Asta”), the market-leading third-party managing agent at Lloyd’s. The deal 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 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 is a driver of innovation in Lloyd’s and the London market. It formalised the syndicate start-up process and developed the syndicate-in-a-box (SIAB) framework with Lloyd’s. Asta is the premier choice for potential Lloyd’s market entrants, whether through a full syndicate, SIAB, Special Purpose Arrangement, or captive. The firm manages 16 syndicates (including five SIABs), four MGAs, 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 invest in Davies, becoming shareholders as the firm embarks on its next phase of investment in digital transformation, innovation, and growth.
In recent years Davies’ Insurance Services unit has diversified and deepened its global capability to provide: audit, subrogation management, property & casualty insurance inspection and insurance focused actuarial consulting for its 1,200+ insurance and highly regulated clients. Davies is a leading global captive manager, supporting more than 250 captive and cell companies. It has launched 60 MGAs and is the Lloyd’s Market Association’s preferred credit-control service provider, managing £17 billion of syndicate earned premium income across the 2020 to 2022 open years. Its binding authority management service has improved coverholder management and performance for several Lloyd’s managing agents,
processing more than 65,000 bordereaux annually.
In April 2022 Davies accelerated into the regulatory technology market through the acquisition of Worksmart, the number one supplier of regulatory technology (“RegTech”) for people and process management. Worksmart’s complaints management platform is the number one platform for complaints management and feedback in the Lloyd’s market and is fully aligned to Lloyd’s’ complaints reporting requirements.
Dan Saulter, Group CEO, Davies, commented: “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.”