Asta takes over managing agency services for GIC Re’s Lloyd’s syndicate

Asta has assumed managing agency responsibilities for GIC Re’s Lloyd’s syndicate 1947 following approval from Lloyd’s for the novation of the managing agency agreement, effective 1 July 2025.

The deal covers open and prior years of account and means the Davies-owned Asta will now provide a full suite of oversight and operational support services to the syndicate.

GIC syndicate 1947 was established in 2018 and writes a diverse mix of business, including property D&F, property treaty, marine and specialty treaty, and non-marine specialty/consortia. It is fully backed by capital from GIC Re through its Lloyd’s corporate member.

Ramaswamy Narayanan, chairman and managing director of GIC Re, said the reinsurer was confident in Asta’s ability to support its ambitions at Lloyd’s.

“We are pleased to commence this partnership with Asta as we consider they are best-placed to help deliver the group’s strategy through managing our fully-aligned Lloyd’s syndicate, GIC Re Syndicate 1947,” he said.

Lorraine Harfitt, CEO of Asta, said the novation reflected both parties’ strategic goals.

“We are delighted to partner with GIC as it enters the next phase of its growth and evolution,” she said.

“Asta’s independent third-party platform allows us to focus exclusively on delivering for our clients, helping them achieve their strategic ambitions. Working with syndicate 1947 on this transition underscores our commitment to the Lloyd’s market and to our client partnership model. We look forward to working with the GIC team for the rest of 2025 and beyond.”