Sherman & Company Served as Financial Advisor to Dovetail Insurance
Acquisition Provides Technology Platform to Capitalize on Fast-Growing Small Commercial Market in US
August 06, 2015 09:00 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--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.
"We are excited to join Marsh to accelerate our market penetration, and deliver a wider array of products to SMEs."
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 a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh's approximately 27,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and people. With 57,000 colleagues worldwide and annual revenue exceeding US$13 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a leader in providing risk and reinsurance intermediary services; Mercer, a leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook, and YouTube.