The firm announces two internal hires among financial results
Insurance firm Davies Group has confirmed that Kath Mainon, currently chief operating officer for the business’s claims solutions arm, will step up to act as the division’s chief executive in the UK and Ireland from the new year.
Darren Coombes, executive chairman of Davies Group’s claims solution division, will also accept a new role from 1 January 2020 – he will be appointed as chief growth officer for the group, working across the global business to secure partnerships with new and existing clients.
Both Mainon and Coombes will report to Dan Saulter, group chief executive.
The appointments were revealed as part of Davies Group’s financial results for the year to 30 June 2019 – these showed a 49% in revenue between 2018 and 2019, rising from £77.7m to £115.5m.
Furthermore, the firm also recorded a 54% increase in its earnings before interest, tax, depreciation and amortisation (EBITDA), improving from £15.4m in 2018 to £23.7m in 2019.
The business has additionally grown its team by 57% since 2018 – with 1,579 staff in 2019 compared to 1,006 in 2018.
Annual investment in innovation and digital transformation is also on the up, focusing around the business’s CQ claims processing platform, video and drone claims handling solutions, automation, speech analytics and virtual reality training solutions.
Meanwhile, Davies Group has also been purchasing new businesses in order to extend its offering. This includes purchasing learning organisation FWD in September to aid UK insurance clients; adding Frontier Adjusters and ASC to its US capabilities in September and October; and doubling its Ireland operation in November with the purchase of Thornton Group.
Canadian investor Alberta Investment Management Corporation (AIMCo) also acquired a minority stake in Davies Group in January 2019.
Dan Saulter said: “These excellent results are a testament to the hard work and dedication of our growing global team of claims, insurance, consulting and technology professionals. They have once again delivered for our 500 insurance, financial services and global clients.
“The past year has seen us bring on board AIMCo as a new investor, allowing us to continue to invest in our people, innovation and automation across our businesses.
“I am delighted that we have been able to set aside additional Davies shares in to our employee ownership programme, meaning that Davies colleagues can continue to share in our success as we grow and win. Earlier in 2019 we launched our charity, The Davies Foundation, which is designed to support local community causes that are close to the hearts of our people, whether they be in Stoke-on-Trent, Bermuda, or Nashville.”
Subscribers read more