Specialist professional services and technology business Davies has bought Asta, the third party managing agent at Lloyd’s.
Asta provided a number of solutions to Lloyd’s and non-Lloyd’s business across the insurance life cycle.
Based in London, Asta has been involved in a range of innovations such as formalisation of the syndicate start-up process to the development of the Lloyd’s Syndicate-in-a-box (SIAB) framework.
As part of the deal, Asta CEO Julian Tighe an Asta chief underwriting officer Simon Norton will retain current responsibilities and also assist in growing Davies. Both will join Davies’ global executive leadership team.
Dan Saulter, group CEO, Davies commented: “I am delighted to welcome Julian, Simon and the wider Asta team to Davies. 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.”
Saulter added: “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.”
Tighe continued: “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.”
Financial terms of the deal have not been made public.
The acquired firm provides tech-enabled claims solutions including, desk and field adjusting along with third-party administration services to the insurance market.