There has been a significant move in the London insurance market announced in the last hour.
Davies Group has confirmed its acquisition of
Ambant Limited, the specialist insurance and professional services provider.
Ambant, which has a 40-strong team, is based in the city of London and provides operations and consulting solutions to the Lloyd’s and international insurance markets as well as MGAs.
As part of the move, Ambant will form an insurance services division in Davies alongside the latter’s complaints handling, claims solutions and regulatory services businesses. The Ambant brand will be retained and CEO Steven Crabb will lead the new division, reporting to Davies CEO Dan Saulter. It has also been revealed that the executive team at Ambant will all become shareholders and join Davies.
“Davies and Ambant have worked closely and shared numerous client relationships in recent years,” commented Saulter. “Bringing the businesses together creates a powerful and compelling proposition, enabling us to offer a broader range of insurance and claims solutions to our MGA, broker and insurer clients, including in areas that are subject to Lloyd’s and FCA regulation.
“Steven Crabb has a top team at Ambant and I am delighted that he and his management team are investing alongside us. Developing our insurance services capability is a central plank of our strategy, and set alongside our continued investment in our people, innovation and disruption, we are excited about taking our message to the market.”
The deal is actually the third acquisition for Davies since
HGGC took a majority stake in the business in January this year. Back in March it added
specialist regulatory and compliance service business Cynergie; and in August announced the acquisition of CMSL.
We’ll bring you an exclusive interview about the deal on Monday.
