Specialist professional services firm Davies has announced the acquisition of Northshore International Insurance Services, a provider of audit, claims management and subrogation management, and consulting services to the insurance market.
Northshore and International Subrogation Management, based in Danvers, Mass., and Plainfield, Ill., will join Davies’s existing insurance services business unit, led by CEO Steven Crabb. The unit serves insurers, reinsurers, MGAs and brokers, and provides incubation solutions, delegated authority administration, legacy management, credit control, audit, and captive management. Steve Murphy, CEO of Northshore, will continue to lead the business. All Northshore employees will join Davies.
“I’m delighted to welcome Steve Murphy, David Ives and the Northshore team to Davies,” said Dan Saulter, group CEO for 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-plus clients around the world. As we head into 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.”
“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,” Murphy said. “Davies’s 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.”
The acquisition is the latest in a series for Davies. Last year, the company announced a deal to acquire the captive management and consulting business of Citadel Risk, a US- and Bermuda-based insurance and reinsurance specialist. In December, Davies completed the acquisition of Wakely Actuarial, a Florida-based actuary and consulting business.