Tuesday, May 21, 2024

Membership options

Davies acquires Guernsey insurance management portfolio

Davies has strengthened its presence in Guernsey with the acquisition of the insurance management services portfolio of Ortac Underwriting Agency.

Davies Management Services (Guernsey) was approved by the Guernsey Financial Services Commission in February 2021, but the Ortac deal now delivers significant boots on the ground in Europe’s largest captive domicile.

Ortac’s insurance management division will rebrand to Davies with Ortac CEO Richard Tee continuing to lead the team, reporting into Nick Frost, president of Davies Captive Management.

Steven Crabb, CEO – Insurance Services at Davies, said: “We launched our captive management facility in Guernsey in 2021, with a view to create a captive management centre of excellence for the UK and Europe on par with our successful operations in the U.S. and Bermuda.

“The Ortac team’s expertise, in one swoop, accomplishes that. The team is exceptionally experienced, and in combination with our existing insurance management services and tools, Davies now has the scale, breadth, and talent to provide an invaluable, independent captive management service to companies around the world.”

Davies has made several captive management acquisitions over the past five years, including US assets of USA Risk Group in 2018 and Bermuda’s Citadel Risk in 2022.

The group also acquired Lloyd’s managing agent Asta last year, one of the agents leading development of the Lloyd’s Captive Syndicate project.

Richard Tee, CEO of Ortac, said: “This is an exciting development for the growing Ortac insurance management team.

“The resources, reputation, and ambitions of Davies will be an enormous accelerant to our growth. And our goals are comfortably aligned: to bring full-service, high-quality, leading edge insurance management and underwriting services to clients across the spectrum of sectors.”