Asta Capital Limited (Asta) has today announced the launch of a new platform to support the MGA market.
Authorised by the FCA, Asta Underwriting Management Limited will utilise the experience and capabilities of Asta to provide an all encompassing solution for select MGA businesses.
As the leading third party managing agent at Lloyd’s, Asta has significant underwriting management and regulatory experience, as well as a strong track record in launching new underwriting businesses. Asta will provide infrastructure, management and regulatory reporting for its client MGAs and their capacity partners and can also provide working capital.
Julian Tighe, CEO, said: “Asta is perfectly positioned to take this step into the MGA market because the framework and expertise already exists through our current Lloyd’s syndicate management structure. We believe that there is great potential and synergy in running both the MGA and the third party managing agent models side by side. The new venture not only allows us greater diversification of client type across the UK, but also strengthens our position for longer term sustained revenue growth.”
“We anticipate a controlled growth of the business, building MGAs through joint ventures and strategic partnerships. There has recently been strong growth in the MGA market and we believe that now is an opportune time to launch this business.”
Pelican Underwriting Ltd (Pelican) is Asta’s first MGA, which launched on 27 July 2015, and is a joint venture between the two partners. Pelican has launched its first product, targeting the UK Solicitor’s PI market, with backing from Great Lakes Reinsurance (UK)
PLC, which is a wholly owned subsidiary of Munich Re, allowing Pelican to provide its clients with AA rated cover. Other products and lines of business will follow this initial product.
Asta press enquiries:
Matt Beasley, FWD
Tel: +44 (0)20 7623 2368
Mob: +44 (0)7623 241 153
Matthew Longbottom, FWD
Tel: +44 (0)20 7623 2368
Mob: +44 (0) 7798 758 938
Notes to editors:
Asta Capital Limited is the parent company of:
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is currently responsible for seven syndicates with capacity under management in 2015 of approximately US$1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners) Syndicate 1897 (Skuld)
Syndicate 1910 (Ariel), SPS 6117 (Ariel) Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others) Syndicate 4242 (ICAT), SPS 6123 (ICAT)
Pending Lloyd’s formal approval: Syndicate 2786 (Everest) from 1/1/2016 SPS 6126 (Skuld) from 1/1/2016