Davies has acquired Ortac Underwriting Agency's (Ortac) insurance management services portfolio.
The acquisition will see Ortac join Davies' existing captive management operations within its Global Solutions business.
As part of the deal, Ortac's insurance management division will rebrand to Davies and join its captive management division's global operations led by President Nick Frost. It will provide technical solutions to captive owners in the US, Latin America, Canada, Asia, Guernsey, Australasia, and the UK.
Ortac CEO Richard Tee will continue to lead the team, reporting directly to Nick Frost. Meanwhile, the Ortac insurance management employees will continue in their roles within Davies.
Davies Insurance Services CEO Steven Crabb said the company launched a captive management facility in Guernsey in 2021 to create a captive management center of excellence for the UK and Europe on par with its successful operations in the US and Bermuda.
Crabb said: “The Ortac 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.”
Ortac Richard Tee 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.”
The deal follows Davies' acquisition of Colorado-based Afirm Solutions, a specialist provider of premium audit, loss-control inspection and risk mitigation services for insurance carriers, insurance distribution platforms, and third-party administrators.
