Asta, the leading third party managing agent and specialist MGA investor, is pleased to announce it has concluded a transaction to finance the development of OverArk Limited. Asta will take a minority equity stake in OverArk and will also support the company’s infrastructure including finance and regulatory compliance.
OverArk is a UK MGA which will offer risk led comprehensive property and casualty insurance cover to UK-based organisations. The new MGA will be led by Peter Berring and Patrick Smith, both former chairpersons of AIRMIC. Joining the Board of OverArk is Keith Nevett who will represent Asta’s investment interests in the business.
Asta CEO Julian Tighe said: “Our second investment in an MGA demonstrates Asta’s commitment to this growing market. By leveraging our considerable skill base, and experience of incubating Lloyd’s syndicates, we are confident that what we are offering, including investment, is highly attractive to the highest quality MGAs. We have a healthy pipeline of interest from specialist and successful management teams keen to start their own underwriting business and remain open to meeting start-ups with promising underwriting propositions.”
Patrick Smith, Managing Partner of OverArk, said: “We are very excited about joining with Asta in our new venture. Asta’s investment in OverArk, coupled with their extensive high quality infrastructure support, has provided us with a very secure platform from which to launch our new operation. The Asta team has shown a strong commitment to helping us achieve our overall business objectives of delivering long-term, sustainable growth through the provision of tailored strategic risk solutions and we look forward to working closely with Keith as we strive to achieve this.”
For further information, please contact:
Tel: + 44 20 7562 4444
Tel: + 44 20 7562 4444
Notes for Editors
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2016 of approximately UK£1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners) Syndicate 1897 (Skuld), SPA 6126 Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others) Syndicate 2689 (Verto)
Syndicate 2786 (Everest)
Syndicate 4242 (ICAT), SPA 6123 (ICAT) Syndicate 5886 (Blenheim)
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
UK MGAs under management: