Davies acquires R&Q insurance services, captive operations
Operations management, consulting and digital solutions provider Davies Group is acquiring the international insurance services assets of Randall & Quilter Investment Holdings (R&Q).
The move is set to extend the Davies’ reach and capability in insurance services and captive management while adding new operations in the UK and Bermuda to the group.
The deal will see Davies acquire JMD and Requiem in the UK, Quest in Bermuda, and John Heath and AMA in North America. The acquisition strengthens Davies’ position as a provider of core operations, digital solutions and consulting to the Lloyd’s and global insurance markets, and other highly regulated organisations, according to the press release.
Davies’ enlarged insurance services business will be led by Steven Crabb, who steps up to the new role of CEO – Insurance Services, reporting to Davies CEO Dan Saulter. Following the acquisition, Davies plans to simplify its insurance services offering.
Dan Saulter, group CEO of Davies said: “We invest for the future and this deal marks our commitment to the vibrant insurance services market in the UK and internationally. Our clients value specialist capability and increasingly want to build deeper long term relationships with us across; claims, insurance services, customer experience, and regulatory solutions.”
The transaction follows R&Q’s decision to focus on its core business of insurance run-off investment and programme business. The agreed valuation of the businesses being sold is £20 million. Net cash consideration payable by Davies, after deducting net debt applicable to the businesses, is approximately £18.6 million.
Alan Quilter, group CFO of R&Q, said: “This sale follows the previously announced decision to simplify our operations to focus on core high growth activities and we are delighted to have concluded this transaction with Davies, a group committed to growing insurance services”.
R&Q plans to deploy the net proceeds of the sale to help finance the growing legacy transaction pipeline, especially in the US and Lloyd’s, and to generate commission income from the use of Accredited and Malta’s direct licenses.
Join us at Intelligent Automation in Insurance - London 2018. Book by Jan 31st and you could save £400.
More of today's news
Allstate seeks 600 executives in hiring spree
Zurich appoints former Generali COO as Germany CEO
Lemonade co-founder criticises Amazon poaching practices
Arthur J Gallagher buys Texan broker
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze