Davies Group, an insurance service provider based in the UK, has acquired Ambant, a London-based which provides operations and consulting solutions to the managing general agent (MGA), Lloyd’s, UK, and international insurance markets.
However, after the acquisition, Ambant will retain its brand. It will establish a new insurance unit in Davies, which will function alongside the claims solutions, regulatory services and complaints handling divisions of Davies. Ambant CEO Steven Crabb will lead the new division.
The Ambant team will also join Davies. Ambant’s ‘launch and host’ platform provides integrated services to new and established managing general agents, brokers and policyholders.
Ambant is the third acquisition by Davies after HGGC, an investor based in Silicon Valley, acquired majority stake in January 2017.
In March 2017, Davies Group acquired Cynergie, a regulatory and compliance services business. In August 2017, Davies announced the acquisition of casualty claims business, CMSL.
In 2017, Davies added over 50 new accounts, and it currently has a team of 1,000 professionals operating in 25 locations in the UK and Ireland.
Davies Group CEO Dan Saulter said: “Davies and Ambant have worked closely and shared numerous client relationships in recent years. 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.”
Ambant CEO Steven Crabb said: “Joining a business that has shown its ability to think differently, to invest and to grow is a very positive step for Ambant. Davies provides a stronger base for our business, and I look forward to working with Dan and the Davies team to deliver an even more compelling proposition to our clients.”