3rd Party Managing Agent Asta Invests in Specialist MGA OverArk

Asta, the London-based third party managing agent and specialist MGA investor, has concluded a transaction to finance the development of OverArk Ltd.

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 comprehensive property and casualty insurance cover to UK-based organizations.

The new MGA will be led by Peter Berring and Patrick Smith, both former chairpersons of AIRMIC, the UK risk management association. Joining the board of OverArk is Keith Nevett who will represent Asta’s investment interests in the business.

“Our second investment in an MGA demonstrates Asta’s commitment to this growing market,” said Asta CEO Julian Tighe.

“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,” Tighe said.

“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,” he continued.

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.”

Source: Asta