Davies, the leading specialist professional services and technology business, serving insurance and highly regulated markets, today announces the acquisition of Northshore International Insurance Services, Inc. (“Northshore”), the leading provider of audit, claims management and subrogation management and consulting services to the global insurance market.
Based in Danvers, Massachusetts and Plainfield, Illinois, Northshore and International Subrogation Management will join Davies existing Insurances Services’ business unit, led by CEO Steven Crabb, which provides services to insurers,reinsurers, MGAs and brokers, including incubation solutions, delegated authority administration, legacy management, credit control, audit, and captive management across the global insurance market. Steve Murphy, CEO of Northshore, will continue to lead the business and all Northshore employees will join Davies’ global team.
Last year Davies announced a deal to acquire the captive management & consulting businesses of insurance and reinsurance specialist Citadel Risk, based in the US and Bermuda, adding significant scale and reach to Davies’ established captive management segment. In December, Davies also completed the acquisition of Wakely Actuarial, a specialist actuary and consulting business based in Florida. 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 capability spanning both the Property & Casualty, and the Life & Health insurance markets. Davies’ US offering includes a full range of claims TPA and loss adjusting solutions across all 50 states, as well as broader captive management, actuarial and audit solutions.
Globally Davies has more than 4,000 colleagues, with operating centres across the UK, Ireland, Bermuda, the US and Canada. 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, Davies commented: “I’m delighted to welcome Steve Murphy, David Ives and the Northshore team to Davies. Our insurance clients are seeking ways to manage cost and risk across their portfolios, and the new domain expertise that Northshore brings will allow us to better support our 750+ clients around the world”.
He added: “As we head in to 2021 we will continue to invest and push for organic growth in all our core markets, as well as working with like-minded businesses via M&A to ensure we can deliver for our insurance and highly regulated clients.”
Steve Murphy, CEO, Northshore added: “We are extremely pleased that the Northshore team will be joining Davies and will be part of its investment and growth plans in North America. Davies’ story of growth and investment in people and technology is one that resonated with the team at Northshore. Similarly, the culture at both Davies and Northshore focuses on employees, clients and community. This acquisition will give our employees more career development opportunities, as well as give them access to employee initiatives such as the Davies Disruptive Thinking innovation lab and their focus on giving back to local communities through The Davies Foundation.”