Davies, a specialist professional services and technology business, has announced that it has signed a purchase agreement to acquire Insurance Risk Services (IRS), a property-casualty insurance inspection firm that provides residential and commercial inspections to support underwriting decision-making.
Florida-based IRS specializes in residential and light commercial inspections, self-inspections, telephone audits and drone roof inspections. The firm has a nationwide network of more than 1,000 field inspectors. IRS will form part of Davies’ global insurance services business led by CEO Steven Crabb. IRS President Dave Valenzano and Chief Operating Officer Seth Bostock will continue to lead day-to-day operations at IRS. They will report to Rob Dewen, CEO of Davies’ US insurance services. The wider IRS team will continue in their roles within Davies.
“I’m delighted to welcome Dave, Seth and the wider team to Davies,” said Dan Saulter, group CEO of Davies. “IRS completed close to 1 million inspections in 2020 and bring a wealth of knowledge to Davies. They have invested heavily in developing their cloud-based technology platform to streamline the inspection lifecycle, and I look forward to being able to offer our clients an enhanced proposition with IRS on board. Diversifying our solutions and expanding our operations across North America is an important plank in our growth strategy. Through the addition of IRS we can become more valuable to our 1,000-plus global insurance and highly regulated clients.”
“We’re delighted to be joining forces with Davies,” Valenzano said. “Over recent years, Davies has accelerated into the US market and continued its investment in technology and innovation. The cultural fit was an important factor, and I look forward to seeing enlarged business bring additional development opportunities for our people, increased investment in technology and continuing the outstanding service we deliver to our clients.”
In recent years, Davies has expanded its global insurance services capability to provide audit, subrogation management and insurance-focused actuarial consulting, alongside its existing insurance management services for captives, MGAs and brokers. In September the company announced that it had agreed to acquire Asta, a provider of insurance management services to Lloyd’s syndicates.