Specialist professional services and technology business Davies has today announced its acquisition of Asta, subject to regulatory approval. London-based Asta is a third party managing agent at Lloyd’s, and provides a range of solutions to Lloyd’s and non-Lloyd’s businesses across the insurance life cycle.
In a Press release, Davies noted that Asta is a key contributor to market innovations - from formalising the syndicate start-up process to developing the Lloyd’s Syndicate-in-a-box (SIAB) framework. Davies highlighted that the deal adds “strength and reach” to its global insurance services practice, broadening its ability to offer end-to-end insurance management solutions to intermediaries, captives, syndicates, insurers, reinsurers and insurtech businesses.
Under the terms of the deal, Asta’s CEO Julian Tighe and chief underwriting officer Simon Norton will retain their current responsibilities and additionally assist in growing Davies’s insurance services practice. Both Tighe and Norton will join Davies’s global executive leadership team. Meanwhile, the Asta executive team will invest in Davies, becoming shareholders as the business moves on to its next phase of growth, innovation and digital transformation.
Commenting on the acquisition, Dan Saulter, group CEO of Davies, said he was delighted to welcome Tighe, Norton and the wider Asta team to the firm. He highlighted that the business is a “fantastic fit”, offering a wealth of underwriting management experience across the Lloyd’s market, as well as expanding its insurance services offering for its 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,” Saulter said. “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.”
Tighe also commented on the deal and said the Asta team was “extremely pleased” to join Davies, noting that Davies’s growth story, and investment in people and technology, resonates strongly with the team.
“Similarly,” he added, “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 giving them access to a wealth of employee initiatives.”
