Davies is continuing its 2019 acquisition spree with the purchase of Dublin-based loss adjuster Thornton Group.
Thornton is a multi-line claims adjusting and third-party administration (TPA) business specialising in property, casualty, energy, marine, engineering and jewellery claims.
Operating from three locations across Ireland and Northern Ireland, Thornton provides end-to-end claims solutions to insurers, brokers, managing general agents and corporates.
Following the acquisition, Davies intends to combine its existing Ireland claims businesses with Thornton, creating a single claims adjusting and TPA capability for its Irish and international insurance clients in Ireland.
Davies senior executive Peter Haran will become chief executive officer of Davies Claims Solutions in Ireland, reporting to UK and Ireland chief operating officer Kath Mainon.
Thornton chief executive officer John Eves will take up a new role as chairman in Ireland and senior executive Conor Kennedy will lead client relationships and growth in the new role of chief commercial officer in Ireland, reporting to Haran.
The deal with Thornton marks Davies’s seventh acquisition of 2019 and follows Canadian investor AIMCo taking a minority stake in the business earlier in the year, alongside majority investor HGGC, to support the group’s next phase of international expansion.
Davies launched a new compliance and regulatory consulting business in Bermuda last month, and pushed through its second major US acquisition of 2019, following a deal to buy Frontier Adjusters in September.
Dan Saulter, group chief executive officer of Davies, said of the latest acquisition: “Having gotten to know John and his team over the past few years, I am delighted that we have been able to bring Thornton and Davies together. The Thornton team have an excellent reputation in the Irish market and bring a wealth of specialist skills, knowledge and technical expertise to Davies.”
Haran added: “These are exciting times for our business. As we bring our two teams together we can offer a deeper range of specialist skills to our mutual clients, as well as having an exciting and highly compelling story to tell new clients too.”
Eves said: “I am delighted Thornton Group will be joining Davies, and to be part of the exciting plans for the future. The deal will offer our team great opportunities for their personal development and career progression, and we look forward to working with the wider Davies group and continuing to support our loyal clients.”