Marsh to Acquire Dovetail Insurance
New York | August 06, 2015
Acquisition Provides Technology Platform to Capitalize on Fast-Growing Small Commercial Market in US
Marsh, a global leader in insurance broking and risk management, today announced that it has signed a definitive agreement to acquire Dovetail Insurance, a leading provider of insurance technology services tailored to the US small commercial market. Terms of the transaction, which is expected to close in the third quarter, were not disclosed.
Based in Columbia, South Carolina, Dovetail has developed an advanced cloud-based technology platform that enables independent insurance agents, on behalf of their small business clients, to obtain online quotes from multiple insurance providers and bind insurance policies in real time. The process enables independent agents to deliver faster, better service and an expanded product selection, while giving insurance providers access to a state-of-the art platform for distributing their products.
“The addition of Dovetail is part of Marsh’s global strategy to provide expanded services to the small and medium-sized enterprise (SME) segment,” said John Drzik president of Global Risk & Specialties. “By combining Dovetail’s advanced technology platform with Marsh’ s industry-leading data, distribution, and access to insurance capital, we will create an innovative online intermediation mechanism for the small commercial insurance market.”
Upon closing, Steve Francis, CEO of Dovetail, and the entire Dovetail team, will join Marsh to help further drive its SME strategy in the US. Dovetail will be part of Marsh’s Global Risk & Specialties segment. Dovetail’s Mr. Francis added: “We are excited to join Marsh to accelerate our market penetration, and deliver a wider array of products to SMEs.”
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.