Davies, a leading specialist professional services and technology business, has signed a deal to acquire the insurance management portfolio from Ortac Underwriting Agency.
Following completion of the acquisition, the business will join Davies’ existing captive management operations, within Davies’ Global Solutions business.
Moreover, 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 also provides technical solutions to captive owners in Europe, the UK, the US, Latin America, Canada, Asia, Guernsey and Australasia.
At the same time, it has also been confirmed that Ortac CEO Richard Tee will continue to lead the team, reporting directly to Nick Frost. Ortac’s insurance management employees will also continue to serve in their current roles within Davies.
Globally, Davies’ 6,500+ colleagues operate across ten countries. The company delivers professional services and technology solutions across the risk and insurance value chain, which includes excellence in claims, underwriting, distribution, regulation & risk, customer experience, human capital, digital transformation & change management.
Within recent years Davies has diversified and further expanded its footprint globally. In 2018, the company acquired assets of USA Risk Group, and then in July 2020 they also acquired assets of Citadel Risk, based in the US and Bermuda.
The firm also launched a new captive management facility in Guernsey following regulatory approval from the Guernsey Financial Services Commission in 2021.
Elsewhere, in 2022 Davies completed the acquisition of Asta, the leading third-party managing agent at Lloyd’s.
Further, earlier this year, Davies also acquired MVP Advisory Group, LLC.
Steven Crabb, CEO – Insurance Services, Davies, said: “We launched our captive management facility in Guernsey in 2021, with a view to create a captive management centre 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, Ortac, said: “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.”
