Davies acquires Ortac insurance management portfolio
Guernsey based and independently owned protected cell company Falcon Insurance PCC has announced that, following Davies Management Services’ acquisition of the captive and cell captive business of Ortac Underwriting Agency, Davies has been appointed to provide the continuation of insurance services to Falcon.
Davies, which has representation in most major captive insurance centres, will not only provide administrative services to Falcon but also promote Falcon as its preferred cell captive solution in Guernsey.
Falcon currently has cells operating in the fields of physical damage and consequential loss, vehicle warranty schemes, medical insurance, professional indemnity, all of this alongside general marine and non-marine exposures, servicing clients with risks around the globe. In recent months, in the era of significant commercial premium price increases, both in insurance and reinsurance markets, Protected Cell Companies are re-establishing themselves as an appealing and cost-effective risk management strategy for clients with a steady claims history. Aligned to this, Falcon has seen strong interest in its business offering and looks forward to expanding its portfolio further in conjunction with the added resources that Davies, as a global captive management group, will deliver.
Callum Beaton, chairman of Falcon, in welcoming this development, said: “Falcon is pleased to build on its established and continuing relationship with Richard Tee and his colleagues all of whom now become DMSG’s Guernsey team. We enthusiastically welcome the added opportunities which will become available both to Falcon and Davies from these new arrangements.
“As well as our confidence here in Guernsey, we have enjoyed a strong rapport with the Davies team in Bermuda for many years and believe this development for Davies to be a great fit. Falcon looks forward to playing a significant part in this further development of Davies captive services in Europe’s premier captive domicile.”
Falcon, Guernsey, Davies, captive, insurance, services, Ortac, cell, protected