Investment - Articles - Asta launches its MGA platform: Asta Underwriting Management

 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 27th 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.