Global professional services and technology firm Davies has agreed to acquire SCM Insurance Services, Canada’s largest claims processing and risk solutions provider, in what the company describes as its biggest strategic acquisition to date.
The deal brings together SCM’s three core divisions – ClaimsPro, IPG, and Pario – under the Davies umbrella. The acquisition will expand Davies’ presence across North America, giving it full nationwide coverage in Canada and adding SCM’s US operations to its existing footprint in the United States.
Once completed, the transaction will boost Davies’ annual revenues to approximately US$1.4 billion and grow its global workforce to 9,500 employees across 22 countries, spanning Europe, North and South America, Asia, and Australasia. SCM’s 1,500+ employees in Canada and the US will join the Davies group as part of the deal.
SCM’s brands add strength across Davies’ existing risk management, third-party administration (TPA), and end-to-end claims services, expanding its offering to insurers, brokers, MGAs, Lloyd’s syndicates, corporates, and public sector clients.
Davies CEO Dan Saulter said the deal cements the group’s leadership position in Canada’s insurance services sector.
“The business is very highly regarded in Canada, and as market leader, this puts us in the number-one spot in this growing and vibrant market,” Saulter said in a news release. “The deal will allow us to unlock significant growth opportunities on both sides, with SCM clients benefiting from our global reach and Davies clients gaining access to Canada’s leading claims and risk teams.”
SCM CEO Bob Fitzgerald welcomed the acquisition, highlighting the benefits of access to Davies’ global technology, AI, and data capabilities.
“Our clients will now have access to Davies’ global solutions, immediately elevating our technology, AI and platform offering,” Fitzgerald said.
SCM’s existing institutional investors, Warburg Pincus and TorQuest Partners, will reinvest part of their proceeds and take minority stakes in Davies alongside existing backers BC Partners, AIMCo, and HGGC. BC Partners, which took a majority share in Davies in 2021, has overseen a tripling of annual revenues since its investment.
The SCM acquisition follows a series of investments by Davies this year, including expanded funding for technology and AI initiatives. Earlier this year, the firm announced significant upgrades to its ClaimPilot suite and the integration of agentic AI features as part of its “Vision 2030” strategy.
The company also refreshed its C-Suite with the appointment of Adam Warwick as group chief transformation officer in September.
Davies aims to reach US$3.5 billion in annual revenues by 2030, focusing on organic growth, cross-selling, geographic expansion, and operational excellence.
