Davies acquires Texas-based claims company in latest chapter of US expansion
Davies has acquired a US-based property claims firm in the latest chapter of its international expansion and digital transformation, which has been turbo-charged by the intervention of new majority shareholder BC Partners in March 2021.
Davies, the specialist professional services and technology business serving insurance and highly regulated markets, has signed a purchase agreement to acquire IAS Claim Services (IAS). The firm provides tech-enabled claims solutions including desk adjusting, field adjusting and third party administration (TPA) services to the insurance market.
IAS is based in San Antonio, Texas, and specialises in daily property, commercial, catastrophe and large loss claims. It has a nationwide network of independent adjusters serving all 50 states.
IAS will form part of Davies’ existing US-based claims solutions business, which is led by chief executive officer (CEO) Matt Button. Walter Leddy, IAS’ CEO, will continue to lead the day to day operations, alongside his existing management team, while the wider team will continue in their existing roles within Davies.
Davies has established and expanded its operations in the US through a combination of organic growth and mergers and acquisitions. It now has claims capability spanning property and casualty, life and health, and transportation insurance markets. Davies’ offering in the US includes a full range of TPA and loss adjusting solutions across all 50 states, as well as captive management, auditing, and actuarial solutions.
Globally Davies’ 4,500 colleagues operate across Bermuda, Canada, Ireland, the UK and US.
Dan Saulter, group CEO at Davies, said: “IAS brings a wealth of knowledge and expertise to the group and has invested heavily in developing proprietary technology, including its national loss adjusting platform, virtual inspection and desk adjusting technology solutions.”
He added: “Diversifying our solutions and expanding our operations across North America is an important plank to our growth strategy. Through the addition of IAS we can become more valuable to our 800+ global insurance and highly regulated clients.”
Walter Leddy, CEO of IAS, said: “Over recent years Davies has accelerated into the US market, and by combining our businesses we have a stronger service proposition for insurance clients who are seeking to engage with a trusted partner that heavily invests in technology, delivers outstanding service experiences, and enables disruption in the market.” Waller Helms Advisors served as financial advisors to IAS during this transaction.
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