Davies acquires Lloyd’s MGA
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London-based claims management company Davies Group Ltd. said Wednesday it has acquired Asta Capital Ltd., a third-party Lloyd’s managing general agent.
Terms of the transaction were not disclosed.
As part of the deal, Asta CEO Julian Tighe and Asta Chief Underwriting Officer Simon Norton will retain their current responsibilities and help grow Davies’ insurance services practice, Davies said in a statement.
Mr. Tighe and Mr. Norton will join Davies’ global executive leadership team.
The Asta executive team will invest in Davies, becoming shareholders, Davies said.
Asta has around 150 employees, all of whom are joining Davies, a spokesman said via email. Davies has some 5,000 employees operating across its global operations in Bermuda, Canada, Ireland, the United Kingdom and the U.S.
Asta provides a range of services to Lloyd’s and non-Lloyd’s businesses and is involved in market innovations such as the development of the Lloyd’s syndicate-in-a-box framework.
The deal widens Davies’ ability to offer end-to-end insurance management services to intermediaries, captives, syndicates, insurers, reinsurers and insurtech businesses, according to the statement.
Private equity firm BC Partners earlier in March agreed to acquire a majority stake in Davies. That deal closed in early August.
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