Davies expands its property field adjusting and TPA solutions in North America through the acquisition of IAS Claim Services
IAS has been acquired by the Davies Group, a multi-award-winning specialist professional services and technology business headquartered in London, England. IAS Claim Services will add significant scale and expertise to Davies’ property claim operations in the United States. Going forward, the current services and team structure will remain unchanged and the business will continue to run as usual. Our commitment remains unchanged… to deliver the best property claim services experience possible to our insurance carriers as their trusted partners through our valued team of independent adjusters and employees.
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.
“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.”
“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.”
“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.
Davies is a multi-award winning specialist professional services and technology business. Davies delivers operations, consulting and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, transformation & change management. Davies’ core service lines include: Claims Solutions, Legal Solutions, Insurance Services and Consulting & Technology. Davies has a 4,500 strong team of professionals across the UK, Ireland, Bermuda, the US and Canada with headquarters in the City of London. Davies’ investors are BC Partners, HGGC, AIMCo (acting on behalf of certain of its clients), and Davies’ employees following HGGC’s majority investment in January 2017 and AIMCo’s minority investment in January 2019. Davies’ programme of digital transformation has seen it successfully launch a range of technology-led solutions in to its insurance and highly regulated markets, including the use of video, drones, robotics and its “Disruptive Thinking” innovation lab that places the power of new ideas in the hands of its people. Over recent years Davies has consistently delivered double-digit organic growth through a combination of growing its solutions with existing clients and adding new partnerships to its business. In September 2020 Davies was named in Sunday Times PwC Top Track 250 as important mid-market contributor to the UK during the pandemic. In the past year Davies has added more than 150 new accounts to its organic platform. In addition Davies has successfully broadened and deepened its operations and digital capabilities via targeted acquisitions. Since the start of 2017 Davies has acquired: Cynergie, CMSL, Ambant, ServiceTick, TLSS, R&Q’s insurance services business, Ember, Direct Group’s claims businesses, Veriphy, USA Risk Group, TMS, GBB, Banwells, Frontier, FWD, ASC, Thornton Group, Keoghs, Codebase8, Citadel & Cedar Consulting, ContactParners, TriPlus, Johnson Claim Service, Vehicle Replacement Group, BMTS, Wakely Actuarial, Northshore International Insurance Services, DMS, NPA, Littleton, Grovelands, SKW and IAS. More information is available at www.davies-group.com.
In March 2021 BC Partners announced a definitive deal to acquire a majority stake in Davies, the transaction is subject to receipt of customary regulatory approvals and is expected to close during the second quarter of 2021. BC Partners is a leading international investment firm with over €33 billion of assets under management in private equity, private credit and real estate. Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in Europe and North America. Since inception, BC Partners Private Equity has completed 119 private equity investments in companies with a total enterprise value of over €150 billion and is currently investing its eleventh private equity fund. For more information, please visit www.bcpartners.com.
HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 130 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of nearly $22 billion. More information, including a complete list of current and former portfolio companies is available at www.hggc.com.
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$115 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta. AIMCo’s head office is located in Edmonton, Alberta, with additional offices located in Toronto, London, and Luxembourg. AIMCo’s Private Equity team comprises a dedicated group of experienced investment professionals and manages a private equity allocation of approximately C$6.0 billion. More information is available at www.aimco.alberta.ca.
Media contact: Stine Nyplass, Group Communications Manager, Davies
Email: stine.nyplass@davies-group.com
