7 January 2021
Davies expands Life & Health claims capabilities in the US with acquisition of Disability Management Services, Inc.
LONDON, UK – 7 January 2021 – Davies, the leading specialist professional services and technology business, serving the insurance and wider highly regulated markets, today announces the acquisition of Disability Management Services, Inc. (“DMS”), the Massachusetts, US based disability claims and insurance services third party administrator (“TPA”). DMS provides claims, policy administration and consulting services to the disability insurance market.
Earlier this year Davies deepened its claims administration offering to include long-term care solutions through the acquisition of TriPlus, which joined the firm’s existing Claims Solutions US arm. The acquisition of DMS further broadens Davies’ offering into the Life and Health insurance space, adding disability insurance domain expertise, along with 180 new specialist colleagues, who all join Davies.
The additions of TriPlus and DMS together establishes Davies as a leader in life & health claims administration in the US. DMS COO Steve Miller will replace current CEO and founder Bob Bonsall who will retire upon completion of the transaction. Miller will report to Davies’ US Life & Health CEO, Peter Lucas.
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 claims capability spanning both the Property & Casualty and the Life & Health insurance markets. Davies’ offering in the US includes a full range of TPA and loss adjusting solutions across all 50 states, as well as captive management and auditing 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: “It’s exciting that we have been able to bring DMS and Davies together and I am delighted to welcome DMS’ leadership team, along with the company’s broader workforce to our business. Building our Life & 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.”
He added: “Looking to 2021, our US and Bermuda operations now represent around a quarter of our global operations. Investing in the US remains a core part of our growth strategy. 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+ global insurance and highly regulated clients.”
Bob Bonsall, CEO & Founder, DMS added: “I am very pleased that DMS is joining forces with an organization that is committed to growth and innovation in the Life & Health insurance market in the US. 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.”
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 4,000 strong team of professionals across the UK, Ireland, Bermuda, the US and Canada with headquarters in the City of London. Davies’ investors are 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 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 Services, Vehicle Replacement Group, BMTS, Wakely Actuarial, Northshore International Insurance Services & DMS. More information is available at www.davies-group.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.
Paris Baker, Group Communications Director, Davies
Tel: +44 7500 781175