Davies Group has reported strong results in its 2016/2017 annual accounts, with revenue increasing by 23% to £55.1 million.
The company has said that the improved results can be attributed to more than 50 new account wins and acquisitions over the financial year, which saw it broaden its claims solutions business and add new services in complaints handling, compliance and regulatory services.
In January this year, US private equity firm HGGC took a majority stake in Davies and injected capital to invest in digital procedures, staff and new services. This investment saw it add new specialisms with the addition of Surveyorship (a provider of Basic Hire Rate evidence), Core Claims (which specialises in construction and equestrian claims among others) and Cynergie (a regulatory and compliance service). It has also further developed its Cq claims platform, which delivers shorter cycle times and more efficient claims handling.
Since the year end, Davies Group has also acquired CMSL, a specialist casualty claims provider and Ambant, which offers a broader range of insurance services to its MGA, broker and insurer clients, including in areas that are subject to Lloyd’s and FCA regulation.
Dan Saulter, CEO of Davies Group (pictured) said: “Our latest results show that our strategy of investing for the future continues to pay off.
“We have taken our message out to new and existing clients, and have delivered strong organic growth through more than 50 account wins. This is set alongside our continued commitment to adding capability via targeted acquisition, in a market that will continue to consolidate. New investment from HGGC in January provided us with a strong capital platform and renewed ambition.
“We have a long track record of investing in our people and I am proud that we have promoted more than 100 colleagues to new roles across the group in the past year. We have a fantastic team here at Davies and they should be rightly proud of their continued success”.