Davies to acquire Insurance Risk Services
Insurance specialist services and technology firm Davies is to acquire Insurance Risk Services, the P&C insurance inspection firm.
The company will join 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 report to Davies’ US Insurance Services CEO, Rob Dewen. The IRS team will also continue in their roles.
IRS provides residential and light commercial inspections, self-inspections, telephone audits and drone roof inspections and has a nationwide network of more than 1,000 field inspectors.
Dan Saulter (pictured), group CEO of Davies, said: “I’m delighted to welcome Dave, Seth and the wider team to Davies. IRS completed close to one million inspections throughout 2020 and brings 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.”
He added: “Diversifying our solutions and expanding our operations across North America is an important plank to our growth strategy. Through the addition of IRS, we can become more valuable to our 1,000+ global insurance and highly regulated clients.”
In recent years, Davies has diversified its global insurance services to include audit, subrogation management and insurance-focused actuarial consulting, alongside its existing insurance management solutions for captives, MGAs and brokers. The IRS acquisition follows that announced in September of Asta, the leading provider of insurance management solutions to Lloyd’s Syndicates.
A month before, Davies completed its deal with private equity investors BC Partners, giving the latter a majority stake in the business and supporting its next phase of international expansion and digital transformation.
Dave Valenzano, President of IRS, said: “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.”
