May 3rd 2023
Nashville, TN – Davies, the leading specialist professional services and technology business serving insurance and highly regulated markets, today announced that it has signed a deal to acquire the insurance management services portfolio from Ortac Underwriting Agency (“Ortac”). 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 the U.S., Latin America, Canada, Asia, Guernsey, Australasia, and the UK. Ortac CEO Richard Tee will continue to lead the team, reporting directly to Nick 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 U.S. 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, the leading 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 minimize costs.
Globally, Davies’ 6,500+ colleagues operate across ten countries, including the UK and the U.S. The business delivers professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation and risk, customer experience, human capital, digital transformation and change management. Over the past ten years, Davies has grown its annual revenues more than 20-fold, investing heavily in research and development (R&D), innovation and automation, colleague development, and client service. Today the group serves more than 1,500 insurance, financial services, public sector, and other highly regulated clients.
Steven Crabb, CEO of Davies Insurance Services
said, “We launched our captive management facility in Guernsey in 2021, with a view to create a captive management center of excellence for the UK and Europe on par with our successful operations in the U.S. and Bermuda. 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.”
Richard Tee, CEO of Ortac added, “This is an exciting development for the growing Ortac insurance management team. The resources, reputation, and ambitions of Davies will be an enormous accelerant to our growth. And our goals are comfortably aligned: to bring full-service, high-quality, leading edge insurance management and underwriting services to clients across the spectrum of sectors.”