Davies has signed a deal to acquire the insurance management services portfolio from Ortac Underwriting Agency.
The business will join Davies’ existing captive management operations, within Davies’ Global Solutions business.
Ortac’s insurance management division will rebrand to Davies and add to the global operations of Davies’ Captive Management division which is led by president Nick Frost and provides technical solutions to captive owners in Europe, the US, Latin America, Canada, Asia, Guernsey, Australasia, and the UK.
Ortac chief executive Richard Tee will continue to lead the team, reporting directly to Frost, and the Ortac insurance management employees will continue in their roles within Davies.
In recent years Davies has diversified and deepened its capability in the global captive sector. It acquired assets of USA Risk Group in 2018, Citadel Risk, based in the US and Bermuda, in July 2020, and launched a new captive management facility in Guernsey following regulatory approval from the Guernsey Financial Services Commission in 2021.
In 2022 Davies completed the acquisition of Asta, a third-party managing agent at Lloyd’s. Asta has worked closely with Lloyd’s to develop a captive syndicate solution in the world’s oldest insurance market, which provides an effective way for captive owners to diversify their risk financing, reduce collateral requirements, and minimise costs.
“We launched our captive management facility in Guernsey in 2021, with a view to create a captive management centre of excellence for the UK and Europe on par with our successful operations in the US and Bermuda,” said Steven Crabb, chief executive – Insurance Services, Davies. “The Ortac team’s expertise, in one swoop, accomplishes that. The team is exceptionally experienced, and in combination with our existing insurance management services and tools, Davies now has the scale, breadth, and talent to provide an invaluable, independent captive management service to companies around the world.”
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