HGGC and AIMCo Infuse More Equity into Davies Group
Posted on 01/21/2020
London-based Davies Group Limited is an insurance claims company. Davies Group is owned by private equity firm HGGC, Alberta Investment Management Corporation (AIMCo), and Davies’ employees following HGGC’s majority investment in January 2017. On January 23, 2019, HGGC sold a minority stake of Davies Group to AIMCo.
Since the beginning of 2017, Davies acquired a number of companies including: Cynergie, CMSL, Ambant, ServiceTick, TLSS, R&Q’s insurance services business, Ember, Direct Group’s claims businesses, Veriphy, USA Risk Group, TMS, GBB, Banwells, Frontier, FWD, ASC, Thornton Group, and Keoghs.
In 2019, Davies launched new claims and insurance operations in the U.S. In January 2020, HGGC and AIMCo, injected additional equity capital into Davies. Some of the investment proceeds were used to help Davies acquire Keoghs, an insurance-focused law firm providing dispute resolution and risk services for the U.K. insurance industry across motor, casualty, complex, and specialty classes. Keoghs manages more than £1 billion worth of insurer claims and resolves in excess of 100,000 claims per annum.