Insurance company Davies, has signed a deal to acquire the insurance management services of Guernsey-licensed Ortac Underwriting Agency (Ortac).
The business’ portfolio will join Davies’ existing captive management operations, within its global solutions business.
Upon completion of the mandate, Ortac’s insurance management division will be retitled to Davies and will be led by Davies’ captive management division president Nick Frost.
It will also provide technical solutions to captive owners in the regions of Europe, the US and Canada, South America, Asia, Guernsey, Oceania, and the UK.
Richard Tee, Ortac’s CEO, will continue to lead the team, reporting to Frost. The Ortac insurance management employees will continue in their current roles under Davies.
In 2022,Davies acquired Asta, the third-party managing agent at Lloyd’s. Asta has worked closely with Lloyd’s to develop a captive syndicate solution for captive owners to diversify their risk financing, reduce collateral requirements and minimise costs.
Commenting on the mandate, Steven Crabb, CEO of Davies’ Insurance Services, says: “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 US and Bermuda. The Ortac team’s expertise, in one swoop, accomplishes that.”
