20 Jun Davies expands its property loss adjusting expertise in Ireland through the acquisition of ProAdjust
LONDON, UK – 20 June 2022 – Davies, the leading specialist professional services and technology business, serving insurance and highly regulated markets, today announced that it has acquired ProAdjust Limited (“ProAdjust”), the specialist provider of loss adjusting and claims management services to the insurance market in Ireland.
With headquarters in Dublin, Ireland and field specialists across the country, ProAdjust specialises in personal and commercial property claims and can deploy, at scale, loss adjusting solutions during claims surges and catastrophic events.
ProAdjust will join Davies’ Claims Solutions division in the UK & Ireland, led by CEO Kath Mainon. ProAdjust Managing Director, Martin Carway will continue to lead the business and will report to Davies’ Ireland CEO, Peter Haran. All 40 ProAdjust employees will continue in their roles within Davies.
Davies has in recent years diversified and deepened its claims solutions capabilities to provide a fully automated low-value property claims solution, home emergency expertise and end-to-end insurance-related vehicle rental, third party intervention and new vehicle replacement. More widely, Davies has increased its annual investment in innovation and digital transformation more than four-fold, including in its CQ claims processing platform, legal AI and automation, its video and drone claims handling solutions, as well as investing in intelligent automation, speech analytics and virtual reality training solutions.
Globally, Davies’ 6,000+ colleagues operate across Bermuda, Canada, India, Ireland, Spain, Switzerland, 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 Martin and the whole ProAdjust team to Davies. The business has an excellent track record of working with blue chip clients to provide a quick and cost effective claims service to customers when they need it most.
“The continued rise we have seen in catastrophic events across the UK & Ireland in recent years has emphasised why it is so essential for insurers to have a flexible network of experienced field adjusters – that can be re-deployed quickly to impacted areas. Adding ProAdjust’s expertise to our growing claims platform enables us to take an increasingly specialist field adjusting offering in Ireland to our global clients.”
Martin Carway, Managing Director of ProAdjust added: “I’m very pleased ProAdjust is becoming a part of Davies which has a shared focus on service excellence and technology investment to help the insurance market navigate increasingly complex customer demands and needs. I look forward to working with Dan, Kath, Peter and the wider Davies team to develop and strengthen our claims solutions for our clients.”
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 6,000+ strong team of professionals across the UK, Ireland, Bermuda, the US, Canada, Spain, Switzerland & India 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 an 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, IAS, IRSi, Sionic, BVS, Worksmart, and ProAdjust. More information is available at www.davies-group.com.
About BC Partners
In March 2021 Davies announced that BC Partners has 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. 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.
About Alberta Investment Management Corporation (“AIMCo”)
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.
Stine Nyplass, Acting Head of Communications, Davies