’Europe is the key on the spot market that we need to be in,’ says chairman
Technology insurance solutions firm Davies is looking to expand its international footprint into Europe after strengthening its position in the US, according to managing director Steve Goate.
The UK-based insurtech acquired US firms MVP Advisory Group and Quick Internet Software in January 2023.
Goate told Insurance Times that while Davies now had a “big footprint” in the US, the business was looking at other locations such as Europe.
Speaking at Biba’s 2023 conference in Manchester last week (10-11 May 2023), Goate said: “Obviously we are UK based and still growing there.
“[We’ve] got a big footprint in the US now, so we’re now looking to grow our footprint in Europe as well.”
When asked why Davies was looking to expand in Europe, Chris Butcher, executive chairman for intermediary and market services, said: “Partly because it’s on our doorstep, partly because a majority shareholder in the business is European-based”.
That company is international investment firm BC Partners, which invested in Davies back in March 2021.
It also has representation on the Davies board.
”BC Partners is based in Paris and they’re looking at their portfolio of companies and how we can develop,” Butcher added.
“Europe is the key on the spot market that we need to be in.”
Meanwhile, Goate explained it was harder for insurance brokers to set up and operate in Europe post-Brexit.
He said: “Those that have set up have still been scrutinised by various regulators as to how [their business] will play out over the next two years.”
However, Butcher said Davies was providing governance and regulatory framework.
Butcher continued: “Operating under our licence, we have our own compliance teams, legal teams and finance teams that support those businesses.”