LONDON, UK – 08 September 2021 – Davies, the leading specialist professional services and technology business, serving the insurance and highly regulated markets, today announced the acquisition of Asta subject to regulatory approval. Asta is the 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, UK, 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 adds significant strength and reach to Davies’ global insurance services practice, widening the firm’s ability to offer end-to-end insurance management solutions to intermediaries, captives, syndicates, insurers, reinsurers and InsurTech businesses.
As part of the deal Asta CEO Julian Tighe and Asta Chief Underwriting Officer, Simon Norton, will retain their current responsibilities and additionally assist in growing Davies insurance services practice. Both Julian and Simon will join Davies’ Global Executive Leadership Team. The Asta executive team will invest in Davies, becoming shareholders as the firm embarks on its next phase of investment in digital transformation, innovation, and growth.
In recent years Davies has diversified and deepened its global insurance services capability to provide: audit, subrogation management and insurance focused actuarial consulting for its 1,000+ insurance and highly regulated clients, alongside its existing insurance management solutions for captives, MGAs and brokers.
More widely, Davies has increased its annual investment in innovation and digital transformation more than four-fold, including in its CQ claims processing platform, legal AI and automation, its video and drone claims handling solutions, as well as investing in intelligent automation, speech analytics and virtual reality training solutions.