Growing Asta makes structural changes
Asta, the third party manager of Lloyd’s syndicates with over £700 million of underwriting capacity under management, has announced senior management and organisational changes to help it meet its regulatory responsibilities and explore business development opportunities.
That is the news from Stephen Cane, outgoing CEO of Asta Group, who said that the managing agent would be making changes at the top as the company positions itself for further growth. Cane will refocus his attentions on strategic development and group leadership at the holding company, Asta Capital, while Julian Tighe will be promoted to the position of CEO at Asta Managing Agency. Changes will be effective from the January 1.
Helping to strengthen its proposition to existing and potential future syndicates, Cane said that Asta recently attained the International Organisation for Standardisation certification ISO 27001, which is given to companies that can demonstrate stringent commitment to prevent “the theft, loss, damage or misuse of any sensitive information it holds or accesses”.
Cane said that Asta is the first managing agent in the market to attain such certification and it believes it will prove a differentiator for those considering its services.
Asta manages seven Lloyd’s syndicates but its partnership with Nephila Capital has grabbed headlines in recent months. Cane agreed that Nephila had faced tough hurdles as it made its entry into the Lloyd’s market, but said the firm was able to make a compelling case thanks to its value proposition and an increasing acceptance of alternative forms of capital.
Cane said that Nephila had blazed something of a trail in the Lloyd’s market, introducing a new syndicate that didn’t “neatly fit the Lloyd’s box”. Nevertheless, support from the likes of Tom Bolt Lloyd’s director of performance management, was strong, with the management at Lloyd’s having no issue understanding the value that the new entity could bring to the market.
Cane said that companies such as Nephila are part of the ongoing development of the market, adding that the industry cannot be complacent in the face of changing market dynamics. “You cannot simply watch from the sidelines. If alternative forms of capital are appropriate, then they should be welcomed,” he said. He added that he does not expect any great influx of similar players into the Lloyd’s market, but evidently a market that some have considered conservative is willing to consider alternatives.
