Davies, a provider of services and technology business to insurance and highly regulated markets, has acquired Asta Capital, a third-party managing agent at Lloyd’s, to form an insurance services “powerhouse.”
Davies said the deal will help its ability to offer end-to-end insurance management solutions to entrepreneurial underwriters and MGAs, intermediaries, (re)insurers and captives, Lloyd’s syndicates, and InsurTechs.
Based in London, Asta formalised the syndicate start-up process and developed the syndicate-in-a-box (SIAB) framework with Lloyd’s. The firm manages 16 syndicates (including five SIABs), four MGAs, and manages a gross premium in excess of £1.5bn.
In April 2022 Davies ventures into the regulatory technology market through the acquisition of Worksmart, a supplier of RegTech for people and process management.
Dan Saulter, Group CEO at Davies, 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.”
Julian Tighe, CEO, Asta added, “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.”
Earlier this year, InsurTech Plum Life has entered into a distribution agreement with London Underwriters that will give the company’s 8,000 wholesale property and casualty agents access to Plum Life’s digital selling platform.
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