October 19th 2021
LONDON, UK – 19 October 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 Insurance Risk Services, Inc. (“IRS”), the property & casualty insurance inspection firm that provides a range of tech-enabled residential and commercial inspections to support underwriting decision-making.
Based in Lake Mary, Florida, IRS specialises in residential and light commercial inspections, self-inspections, telephone audits & drone roof inspections, and has a nationwide network of more than 1,000 field inspectors. IRS will form part of Davies’ global insurance services business led by CEO Steven Crabb. IRS President, Dave Valenzano & Chief Operating Officer, Seth Bostock will continue to lead the day-to-day operations, and will report to Davies’ US Insurance Services CEO, Rob Dewen. The wider IRS team will continue in their roles within Davies.
In recent years Davies has diversified and deepened its global insurance services capability to provide: audit, subrogation management and insurance focused actuarial consulting for its 1,000+ insurance and highly regulated clients, alongside its existing insurance management solutions for captives, MGAs and brokers. In September Davies announced it had signed a deal to acquire Asta, the leading provider of insurance management solutions to Lloyd’s Syndicates.
In March 2021 Davies announced that BC Partners had signed a definitive deal to take a majority stake in the business, to support Davies next phase of international expansion and continued digital transformation. The BC deal closed early in August, following receipt of regulatory approvals.
Globally Davies’ 5,000 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 Dave, Seth and the wider team to Davies. IRS completed close to one million inspections throughout 2020 and bring a wealth of knowledge to Davies. They have invested heavily in developing their cloud-based technology platform to streamline the inspection lifecycle and I look forward to being able to offer our clients an enhanced proposition with IRS on board.”
He added: “Diversifying our solutions and expanding our operations across North America is an important plank to our growth strategy. Through the addition of IRS we can become more valuable to our 1,000+ global insurance and highly regulated clients.”
Dave Valenzano, President of IRS added: “We’re delighted to be joining forces with Davies. Over recent years Davies has accelerated into the US market and continued its investment in technology & innovation. The cultural fit was an important factor, and I look forward to seeing the enlarged business bring additional development opportunities for our people, increased investment in technology and continuing the outstanding service we deliver to our clients.”
Sherman & Company served as financial advisor to IRS on the transaction.
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