London-based professional services firm Davies, a professional services and technology firm serving the insurance market, has agreed to acquire SCM Insurance Services, Canada’s largest claims processing and risk solutions company. Financial terms of the agreement were not disclosed, but Davies said SCM’s workforce of more than 1,500 people would join the company as part of the deal.
SCM’s three operating businesses — ClaimsPro, an adjusting firm; IPG, a third-party claims administrator; and Pario, a forensic engineering, consulting and post-loss appraisal business — will join the Davies platform.
As part of the acquisition, SCM’s existing institutional shareholders, Warburg Pincus and TorQuest Partners, will reinvest part of their proceeds and become minority shareholders in Davies, alongside Davies’ existing institutional shareholders, BC Partners, AIMCo and HGGC. BC Partners took a majority stake in Davies in August 2021.
