June 16th 2021
LONDON, UK – 16 June 2021 – Davies, the leading specialist professional services and technology business, serving insurance and highly regulated markets, today announced that it has signed a purchase agreement to acquire IAS Claim Services (“IAS”), the national property claims firm, that provides a range of tech-enabled claims solutions including: desk adjusting, field adjusting and third party administration (“TPA”) services to the insurance market.
Based in San Antonio, Texas, IAS specialises in daily property, commercial, catastrophe & large loss claims and has a nationwide network of independent adjusters serving all 50 states. IAS will form part of Davies’ existing US based Claims Solutions business led by CEO, Matt Button. Walter Leddy, IAS’ CEO and the existing management team will continue to lead the day to day operations and the wider team will continue in their roles within Davies.
In recent years, Davies has established and expanded its operations in the US through a combination of strong organic and M&A growth, with the firm now boasting claims capability spanning Property & Casualty, Life & Health, and Transportation insurance markets. Davies’ offering in the US includes a full range of TPA and loss adjusting solutions across all 50 states, as well as captive management, auditing, and actuarial solutions.
In March 2021 the firm announced a new shareholder, with BC Partners signing a definitive deal to take a majority stake in the business (subject to customary approvals), to support Davies’ next phase of international expansion and continued digital transformation.
Globally Davies’ 4,500 colleagues operate across Bermuda, Canada, Ireland, the UK and US. The business delivers professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation & change management.
Dan Saulter, Group CEO of Davies commented: “I’m delighted to welcome Walter and the wider team to Davies. IAS brings a wealth of knowledge and expertise to the Group and has invested heavily in developing proprietary technology, including its national loss adjusting platform, virtual inspection & desk adjusting technology solutions. I look forward to being able to offer our clients our enhanced proposition.”
He added: “Diversifying our solutions and expanding our operations across North America is an important plank to our growth strategy. Through the addition of IAS we can become more valuable to our 800+ global insurance and highly regulated clients.”
Walter Leddy, CEO of IAS added: “We’re delighted to be joining forces with Davies. Over recent years Davies has accelerated into the US market, and by combining our businesses we have a stronger service proposition for insurance clients who are seeking to engage with a trusted partner that heavily invests in technology, delivers outstanding service experiences, and enables disruption in the market. I look forward to working with Dan, Matt and the wider Davies team to develop and strengthen our claims solutions offering for our clients.”
Waller Helms Advisors, LLC served as financial advisors to IAS during this transaction.
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