Once re-branded, the newly purchased business will become part of Davies’s insurance services practice
Professional services and technology firm Davies has confirmed plans to buy the captive management and consulting arm of insurance and reinsurance company Citadel Risk – the purchase is designed to add significant scale and reach to Davies’s existing captive management operations.
Under the deal, Citadel Management and Cedar Consulting will be re-branded to trade as part of Davies Captive Management, which is within Davies’s insurance services practice. This is led by chief executive Steven Crabb.
Citadel Risk senior executives Tom McMahon and Mick Larkin, both working from Bermuda, as well as Ohio-based Dennis Silvia will join Davies following the acquisition – they will report to Nick Frost, president of Davies Captive Management.
Dan Saulter, group chief executive at Davies, said: “I’m delighted to welcome Tom, Mick, Dennis and the wider team to Davies, and I am thrilled that we have been able to work with Citadel Risk to get this deal done.
“The businesses have an excellent reputation and bring a wealth of experience and deep captive expertise. Following the very challenging start to 2020 caused by Covid-19, many US and global insurance buyers are now grappling with capacity reduction and rate increases, making it a good time for us to increase our captive capability for those clients looking for alternative insurance solutions.”
Tom McMahon, president of Citadel Management Bermuda, added: “We are delighted to be joining Davies and look forward to integrating our team and client base into an expanding and dynamic global business.”
This deal is Davies’s third acquisition of 2020.
Back in January, Davies bought law firm Keoghs. This was followed by the purchase of Codebase8, an automation and digital solutions provide and consultancy, in June.
Codebase8 specialises in robotic process automation, legacy platform modernisation and product development.
Operating across the UK, Ireland, Bermuda, the US and Canada, Davies employs more than 3,700 staff. It offers professional services and technology solutions around claims, underwriting, programme management, distribution, regulation, customer experience, human capital, digital transformation and change management.