Davies snaps up US P&C insurance inspection firm in expansion move
London-based insurance service provider Davies Group has agreed to acquire Insurance Risk Services (IRS), a property & casualty insurance inspection firm, to boost its underwriting support capabilities in North America.
Florida-based IRS specialises in residential and light commercial inspections, self-inspections, telephone audits & drone roof inspections, and has a nationwide network of more than 1,000 field inspectors.
IRS will form part of Davies’ global insurance services business led by CEO Steven Crabb. IRS president Dave Valenzano and chief operating officer Seth Bostock will continue to lead the day-to-day operations, and will report to Davies’ US Insurance Services CEO Rob Dewen. The wider IRS team will continue in their roles within Davies.
The deal is a part of Davies’ strategy to diversify and deepen its global insurance services capability. In September, Davies signed a deal to acquire Asta, a leading provider of insurance management solutions to Lloyd’s Syndicates. In March 2021, the company signed a definitive deal to take a majority stake in BC Partners, to support its next phase of international expansion and digital transformation. The BC deal closed early in August, following receipt of regulatory approvals.
“Diversifying our solutions and expanding our operations across North America is an important plank to our growth strategy,” said Dan Saulter (pictured), group chief executive officer of Davies. “Through the addition of IRS we can become more valuable to our 1,000+ global insurance and highly regulated clients.”
He added: “I’m delighted to welcome Dave, Seth and the wider team to Davies. IRS completed close to one million inspections throughout 2020 and bring a wealth of knowledge to Davies. They have invested heavily in developing their cloud-based technology platform to streamline the inspection lifecycle and I look forward to being able to offer our clients an enhanced proposition with IRS on board.”
Valenzano, president of IRS, commented: “We’re delighted to be joining forces with Davies. Over recent years Davies has accelerated into the US market and continued its investment in technology & innovation. The cultural fit was an important factor, and I look forward to seeing the enlarged business bring additional development opportunities for our people, increased investment in technology and continuing the outstanding service we deliver to our clients.”
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