Asta’s Harfitt reveals $4bn growth ambition for 2025

Asta Managing Agency CEO Lorraine Harfitt has her sights set on significant growth, with GWP predicted to pass $4bn in 2025, supported by two anticipated 1.1 syndicate launches.

Speaking to The Insurer TV at the industry’s annual Rendez-Vous in Monte Carlo, Harfitt shared her optimism about current market conditions and Lloyd's openness to growth.

Asta has enjoyed a successful 2024 to date, with launches including the Fidelis Partnership’s Syndicate 3123 along with niche offerings such as carbon credit insurer Oka's Syndicate 1922 and life sciences-focused Medical & Commercial International (MCI) Syndicate 1966.

“We've continued to grow quite a lot,” she said. “And [with] a real diverse set of new entrants coming in. So it's been really interesting, and variety makes things interesting, doesn't it?” she added.

This approach has contributed to Asta's robust growth, with 20 syndicates currently under management and plans to increase that number to at least 22 by the start of next year.

Harfitt revealed ambitious growth projections for Asta: "We’re sitting at about $2.7bn for this year, and next year, that will be over $4bn."

She also noted an interesting trend of existing syndicates seeking independent third-party managing agency support, highlighting Asta's growing appeal in the market.

While Harfitt was cautious not to give too much away on the upcoming pipeline, The Insurer’s early reporting on pre-emptions reveals that a number of Asta-managed syndicates have applied for notable increases in stamp capacity.

MCI, for example, has applied for significant pre-emptions at its Lloyd’s entities, taking their combined stamp from less than £100mn currently to almost £250mn next year.

Harfitt noted that market conditions remain strong, particularly with the influx of capital and Lloyd's willingness to facilitate growth.

"There’s certainly a lot of interest in the market. I think the fact that Lloyd's is looking to grow makes it easier for syndicates to grow now than perhaps it was two or three years ago,” she said.

However, Harfitt is keeping a watchful eye on pricing dynamics. "We continue to see steady momentum with rates continuing to hold in property classes, but casualty is clearly an area everyone is keeping an eye on," she said. "As we go through next year, it’ll be all about rate adequacy rather than rate change."

Commenting on her first Rendez-Vous experience, she said: "Everyone’s told me stories about Monte Carlo, but it still surprised me. You can't move anywhere without seeing someone you know.

“We've had great discussions with clients, capital providers and introducers, particularly about Lloyd's and how open it is to growth at the moment,” she concluded.

Watch the 5-minute interview with Asta’s Lorraine Harfitt to hear more on: