Davies Group acquires Northshore International Insurance Services
Davies Group has acquired Northshore International Insurance Services, a provider of audit, claims management and subrogation management and consulting services to the global insurance market.
Based in Danvers, Massachusetts and Plainfield, Illinois, Northshore and International Subrogation Management will join Davies existing Insurances Services’ business unit, led by chief executive Steven Crabb. The unit provides services to re/insurers, MGAs and brokers, including incubation solutions, delegated authority administration, legacy management, credit control, audit, and captive management across the global insurance market.
Steve Murphy, chief executive of Northshore, will continue to lead the business. All Northshore employees will join Davies’ global team.
Davies acquired the captive management and consulting businesses of US and Bermuda-based re/insurance specialist Citadel Risk last year. In December, it also completed the acquisition of Wakely Actuarial, a specialist actuary and consulting business based in Florida. It now operates in the property and casualty and life and health insurance markets.
Dan Saulter, group chief executive at Davies, promised to continue investing in the business and pursuing growth organically and through M&A opportunities in 2021.
“Our insurance clients are seeking ways to manage cost and risk across their portfolios, and the new domain expertise that Northshore brings will allow us to better support our 750+ clients around the world,” he added.
Murphy said: “The culture at both Davies and Northshore focuses on employees, clients and community. This acquisition will give our employees more career development opportunities, as well as give them access to employee initiatives such as the Davies Disruptive Thinking innovation lab and their focus on giving back to local communities through The Davies Foundation.”