UK-based insurance company Davies Group is set to acquire SCM Insurance Services, a Canadian company specializing in claims processing and risk management solutions, creating a business worth £3.25bn ($4.3bn) inclusive of debt. The deal will see SCM’s divisions – ClaimsPro, IPG, and Pario – join Davies’ international operations, expanding its service reach across Canada and the US. The acquisition will increase Davies’ annual revenues to around C$1.4bn ($1bn) and its workforce to 9,500 across 22 countries. SCM’s institutional shareholders will reinvest part of their proceeds and maintain minority ownership stakes in Davies. Davies Group CEO Dan Saulter expressed excitement about the deal, noting the growth opportunities it presents for both companies’ clients. SCM Insurance CEO Bob Fitzgerald also welcomed the acquisition, highlighting the enhanced global solutions and technology offerings that will benefit SCM’s clients.

Read more at Yahoo Finance: Davies Group to acquire Canada’s SCM Insurance to form $4.3bn company