Davies, the leading specialist professional services and technology company, signs an agreement to acquire SCM Insurance Services, Canada’s largest claims processing and risk solutions provider, in its biggest strategic M&A to date. The deal sees SCM’s three operating businesses—ClaimsPro, Canada’s leading claims adjusting firm; IPG, its third-party claims administrator; and Pario, its forensic engineering and consulting business—all join the Davies global platform. The acquisition gives Davies annual revenues of c.US$1.4bn, with a combined team of 9,500 colleagues operating in 22 countries. The move allows Davies to provide a full nationwide service across Canada and adds SCM’s U.S. operations to Davies’ existing U.S. footprint. SCM’s team of more than 1,500 professionals joins Davies as part of the deal. Significantly, the addition of ClaimsPro, IPG, and Pario strengthens Davies’ existing risk management, TPA, and end-to-end claims solutions offering across North America. This adds specialised services for clients including insurers, brokers, MGAs, Lloyd’s Syndicates, and, importantly, captive owners. Dan Saulter, Group Chief Executive Officer, Davies, says, “We are thrilled to have gotten this deal signed, bringing the SCM team into Davies. The business is very highly regarded in Canada, and as market leader, this puts us in the #1 spot in this growing and vibrant market. The deal will allow us to unlock significant growth opportunities, on both sides of the ledger; with SCM clients benefiting from our global reach and wider service offering; and with Davies clients being able to access the best claims and risk solutions teams in Canada. I look forward to working with CEO, Bob Fitzgerald, and the whole team.” Bob Fitzgerald, Chief Executive Officer, SCM Insurance Services, says, “This is a fantastic opportunity for all the SCM Insurance Services brands. Our clients will now have access to Davies’ global solutions, immediately elevating our technology, AI and platform offering.” The deal sees SCM’s existing institutional shareholders, Warburg Pincus and TorQuest Partners, reinvest part of their proceeds and become minority shareholders in Davies. The acquisition follows Davies’ announcement that it is significantly increasing its multi-million-dollar investment into technology and AI as part of its "Vision 2030" strategy, which aims for US$3.5bn+ in annual revenues.
