Loss adjuster creates group to strengthen its position

Loss adjuster Davies has confirmed the completion of a £27m management buy-out (MBO), as reported in Insurance Times last week.

In a statement the company said reorganising and restructuring the business would strengthen its position in the UK insurance market.

Under the terms of the deal, Davies Chartered Loss Adjusters (DCLA) will cease to trade, and will be replaced by Davies Group.

The group’s management team will be led by new managing director Mark Chapman, formerly deputy senior partner at DCLA.

He will be supported by former DCLA partners who include Adrian Palmer, Les Wright, and Darren Coombes.

Mark Molyneux, a former managing partner at Ernst & Young, will become chairman.