Davies has announced the acquisition of Disability Management Services (DMS), a Massachusetts-based disability claims and insurance services third-party administrator. DMS provides claims, policy administration, and consulting services to the disability insurance market.
The acquisition comes after Davies expanded its claims administration offering to include long-term care services through the acquisition of TriPlus, which joined Davies’ claims solutions US arm. The acquisition of DMS broadens Davies’ offering in the life and health insurance space by adding disability insurance expertise along with 180 new employees.
Steve Miller, chief operating officer of DMS, will replace founder and current CEO Bob Bonsall, who will retire upon completion of the acquisition. Miller will report to Peter Lucas, Davies’ US life and health CEO.
“It’s exciting that we have been able to bring DMS and Davies together, and I am delighted to welcome DMS’ leadership tram, along with the company’s broader workforce, to our business,” said Dan Saulter, group CEO of Davies. “Building our life and health claims capability in the US is a strategic focus and a growing market. DMS has an excellent reputation, with strong client relationships and an ethos for great service delivery, all of which provides for close alignment with TriPlus and our wider Davies operations.”
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Saulter said that Davies’ US and Bermuda operations now represent about a quarter of the London-based company’s global operations.
“Investing in the US remains a core part of our growth strategy,” he said. “We will continue to push for organic growth, as well as working with like-minded businesses via M&A to ensure we can deliver for our 750-plus global insurance and highly regulated clients.”
“I am very pleased that DMS is joining forces with an organization that is committed to growth and innovation in the life and health insurance market in the US,” Bonsall said. “Davies’ history of investing in people and technology, along with a commitment to always put the interests of clients first, aligns well with the values upon which DMS has been built. The cultural fit with Davies was an important factor as we planned for our company’s future, and I believe the combination with Davies will present DMS employees more career development opportunities and an exciting future as the company continues to grow.”