Asta, the leading third party manager of Lloyd’s syndicates with over £700 million of underwriting capacity under management, has announced organisational changes and senior appointments. The changes will enhance Asta’s ability to meet its regulatory responsibilities as a Lloyd’s Managing Agency while pursuing the business development objectives of the Asta Group.

Asta Capital Ltd (ACL)

Asta Capital, the Group holding company, is responsible for the overall management of Asta and for the strategic development of the Asta Group.

With effect from 1 January 2014:-

Stephen Cane has successfully led the Asta Group development for the last 7 years. Stephen will now focus on strategic development and group leadership. Stephen will chair a newly formed “Operations and Strategy Committee” comprised of Asta’s key operating executives. This Committee will include Stewart Laderman and Helen Westcott as well as Julian Tighe, Simon Norton and David Hunt. In addition, both Stewart Laderman and Julian Tighe will join the Asta Capital Limited board.

Asta Managing Agency (AMA)

Asta Managing Agency is Asta’s principal operating company and is responsible for the management of Asta’s Lloyd’s syndicates. AMA focuses on efficient client service, the overall governance of its syndicates and the application of best practices in meeting its regulatory responsibilities and reporting requirements in a Solvency II environment.

With effect from 1 January 2014:-

• Julian Tighe (currently COO) will be promoted to the position of CEO of AMA replacing Stephen Cane.
• Simon Norton (currently Joint Director of Underwriting) will assume sole responsibility as the Director of Underwriting of AMA and will continue the close working partnership with Asta’s CEO.
• Lorraine Harfitt will be appointed as Chief Operating Officer (COO) to succeed Julian Tighe and will join the AMA board. Lorraine will also be a member of the Operations & Strategy Committee.

Visesh Gosrani (currently Deputy CRO and a qualified actuary) is appointed as Chief Risk Officer (CRO) to succeed Helen Westcott with effect from 1 October. Visesh will also join the AMA board.

All the above appointments are subject to regulatory approval.

In announcing these changes Douglas Jacobsohn, Chairman of Asta Capital and CEO of Skuld said: “The three principal shareholders, Paraline, Skuld and Tawa backed management in the acquisition of the business at the beginning of 2012 and have been really delighted by Asta’s progress and success. These organisational steps confirm our commitment to the expansion of Asta’s already strong operational capabilities. Bringing the operating management and the board of ACL more closely together in implementing our growth and development plans enables us to strengthen even further the position of Asta in the Lloyd’s and London market”

Notes for Editors

About Asta
Asta Managing Agency Ltd is the leading Lloyd’s third party manager of syndicates with over £700 million of gross underwriting capacity under management and is responsible for seven syndicates: Ariel (formerly Arrow) s.1910; Sirius s.1945; Channel s.2015; Nephila s. 2357; Dale s.2525; Doré s.2526 and ICAT s.4242.

Asta Capital Limited is the parent company of:

• Asta Insurance Markets Ltd
• Asta Managing Agency Ltd
• Asta Insurance Services Ltd
• Asta Management Services Ltd
• Asta Underwriting Management Ltd

 
Asta Insurance Services Limited: provides insurance services to the corporate market and includes the run-off management of HIH (UK).
The name Asta originates from Greek and means “like a star”. For more information visit www.asta-uk.com

Lorraine Harfitt: has more than 20 years of experience within the Lloyd’s market and joins Asta from the Corporation of Lloyd’s where she was Senior Manager, Risk Assurance and previously Senior Project Manager, Market Finance, with specific responsibility for implementation of Solvency II.

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