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October 21, 2021

Davies signs deal to acquire IRS

By Patrick Brusnahan

Davies has signed a purchase agreement to acquire Insurance Risk Services (IRS), the property and casualty inspection firm that provides and range of tech-enabled residential and commercial inspections to support underwriting decisions.

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Based in Lake Mary, IRS specialises in residential and light commercial inspections, self-inspections, telephone audits and drone roof inspections.

Furthermore, IRS will join Davies’ global insurance services business led by CEO Steven Crabb.

Dan Saulter, group CEO of Davies commented: “I’m delighted to welcome Dave, Seth and the wider team to Davies. IRS completed close to one million inspections throughout 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.”

He added: “Diversifying our solutions and expanding our operations across North America is an important plank to our growth strategy. Through the addition of IRS we can become more valuable to our 1,000+ global insurance and highly regulated clients.”

Dave Valenzano, president of IRS added: “We’re delighted to be joining forces with Davies. Over recent years Davies has accelerated into the US market and continued its investment in technology & innovation. The cultural fit was an important factor, and I look forward to seeing the enlarged business bring additional development opportunities for our people, increased investment in technology and continuing the outstanding service we deliver to our clients.”

Globally Davies’ 5,000 colleagues operate across Bermuda, Canada, Ireland, the UK and US. 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.

Last month, Davies bought Asta, the third party managing agent at Lloyd’s.

Asta provided a number of solutions to Lloyd’s and non-Lloyd’s business across the insurance life cycle.

Based in London, Asta has been involved in a range of innovations such as formalisation of the syndicate start-up process to the development of the Lloyd’s Syndicate-in-a-box (SIAB) framework.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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