Asta launches MGA platform

Asta, the Lloyd's third party managing agent, has launched a new platform to support the managing general agent (MGA) market.

Asta Underwriting Management will use the experience and capabilities of Asta to provide an all-in-one solution for select MGA businesses. It is authorised by the Financial Conduct Authority (FCA).

Asta will provide management, infrastructure and regulatory reporting for its client MGAs and their capacity partners. It can also provide working capital.

Julian Tighe, chief executive officer (CEO) of Asta, said: “Asta is perfectly positioned to take this step into the MGA market because the framework and expertise already exists through our current Lloyd’s syndicate management structure.

“We believe that there is great potential and synergy in running both the MGA and the third party managing agent models side by side. The new venture not only allows us greater diversification of client type across the UK, but also strengthens our position for longer term sustained revenue growth.”

“We anticipate a controlled growth of the business, building MGAs through joint ventures and strategic partnerships. There has recently been strong growth in the MGA market and we believe that now is an opportune time to launch this business.”

Pelican Underwriting, Asta’s first MGA, launched on July 27, 2015.