Davies acquires Lloyd’s key managing agent in major boost to expansion strategy
London-based Davies Group has acquired Lloyd’s key managing agent Asta in a move that will fuel Dan Saulter-led (pictured left) service provider's expansion into the insurance market. The deal will see Asta CEO Julian Tighe (pictured right) and CUO Simon Norton join Davies’ global executive leadership team and become shareholders as the firm embarks on its next phase of growth.
Davies' chief executive Saulter called Asta's business a "fantastic fit" in its strategy to significantly expand insurance services capabilities.
Asta is a market leading third party managing agent at Lloyd’s providing a range of solutions to Lloyd’s and non- Lloyd’s businesses across the insurance life cycle. Based in London, Asta is a key contributor to market innovations ranging from formalisation of the syndicate start-up process to the development of the Lloyd’s Syndicate-in-a-box (SIAB) framework.
The deal widens Davies’ ability to offer end-to-end insurance management solutions to intermediaries, captives, syndicates, insurers, reinsurers and insurtech businesses in highly regulated markets across Bermuda, Canada, Ireland, the UK and US. In recent years, Davies has diversified and deepened its global insurance services capability, and increased its annual investment in innovation and digital transformation more than four-fold. In March 2021, the company revealed that BC Partners has signed a definitive deal to take a majority stake in the business, to support its next phase of international expansion and digital transformation. The BC deal closed early in August, following receipt of regulatory approvals.
Following the deal, Asta CEO Tighe and chief underwriting officer Norton, will retain their current responsibilities and additionally assist in growing Davies insurance services practice.
Saulter said: “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.”
“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," he added. "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.”
Julian Tighe, CEO of Asta, commented: “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.”
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