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Davies wraps up Asta Capital acquisition to bolster insurance services division

Davies, a UK-based specialist professional services and technology provider, has concluded a previously announced deal to buy Asta Capital, which is a third-party managing agent at Lloyd’s.

The development follows approval from regulators such as Lloyd’s, the UK’s Financial Conduct and Prudential Regulation Authorities, and Dubai Financial Services Authority.

With the deal, Davies aims to reinforce its global insurance business by adding new insurance management products for entrepreneurial underwriters and managing general agents (MGAs), (re)insurers and captives, Lloyd’s syndicates, among others.

The deal, which was first announce in September last year, will see Asta CEO Julian Tighe and chief underwriting officer Simon Norton continue to serve in their existing positions.

They will also help in expanding Davies insurance services business as members of Davies global executive leadership team.

In addition, Asta executive team is expected to invest in Davies and become shareholders at the company.

Asta CEO Julian Tighe said: “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. It’s a superb outcome for all Asta stakeholders.”

With headquarters in London, Asta currently manages 16 syndicates, including five syndicate-in-a-box (SIABs) and four MGAs. The company supervises more than £1.5bn of gross premium.

Davies group CEO Dan Saulter said: “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.”

In April this year, Davies purchased Worksmart, regulatory technology (RegTech) provider for people and process management.

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