Davies has bought R&Q’s UK and international insurance services and captive management operations
Davies said it has acquired Randall & Quilter’s UK and international insurance services and captive management operations.
The deal expands Davies’ geographic reach and capability, adding new operations in the UK and Bermuda, to the Davies group.
Davies is acquiring JMD and Requiem in the UK, Quest in Bermuda, and John Heath and AMA in North America. The move follows R&Q’s decision to focus on its core business of insurance run-off investment and programme business, mostly reinsured to highly rated reinsurers.
Davies’ enlarged insurance services business will be led by Steven Crabb, who steps up to the new role of chief executive of Insurance Services, reporting to Davies group chief executive Dan Saulter.
Over the first half of 2018 Davies will simplify its insurance services offering, forming three client-facing teams across: intermediary services, insurer and market services, and captive management.
Ambant’s Chris Butcher will head up Intermediaries services, including MGA and broker launch and host, as well as insurance operations and consulting solutions for live and legacy intermediaries
Chris Butcher will be supported by senior executives Steve Goate (Requiem) and Jim Kimber (Ambant), with Goate heading-up legacy and live broker service operations and Kimber leading broker placement and binder operations.
JMD boss Rob Dewen will head up insurer and market services, providing operations, shared services, digital solutions and consulting for the London market, insurers and reinsurers.
Quest’s Nick Frost will run Davies’ Captive management operations in Bermuda.
Davies’ insurance services business now boasts more than 150 insurance professionals providing core operations, consulting and digital solutions to more than 100 insurance businesses across the Lloyd’s market, MGAs and brokers, insurance and reinsurance companies, and the international captive market. The deal marks Davies first deal of 2018 and a continuation of its strategy to add new capability and depth of services for its insurance and highly regulated clients. In the past year Davies added more than 60 new accounts to its growing operations and digital platform, and boasts a team of 1,200 claims, insurance services, regulatory and technology professionals with operating centres in the UK, Ireland, and Bermuda.
Saulter said: “We invest for the future and this deal marks our commitment to the vibrant insurance services market in the UK and internationally. Our clients value specialist capability and increasingly want to build deeper long term relationships with us across claims, insurance services, customer experience, and regulatory solutions. We will continue to work hard to help our clients solve their business challenges, grow and win.”
Alan Quilter, group chief financial officer of R&Q said: “This sale follows the previously announced decision to simplify our operations to focus on core high growth activities.”