The London-based claims management company Davies Group Ltd. said Wednesday that it has acquired Asta Capital Ltd., a third-party Lloyd's general agent.
The 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 service, Davies said in a statement.
Mr. Tighe and Mr Norton will join Davies' global management team.
The Asta management will invest in Davies and become a shareholder, Davies said.
Asta has about 150 employees, all of whom join Davies, a spokesman said via email. Davies has approximately 5,000 employees operating across its global operations in Bermuda, Canada, Ireland, the United Kingdom and the United States.
The deal expands Davies' ability to offer insurance management services to intermediaries, prisoners, syndicates, insurers, reinsurance companies and insect companies, according to the statement. [1