Davies secures £1.5 billion refinance to fuel next growth phase

Davies, a specialist professional services and technology business serving insurance and highly regulated markets, has announced that it has agreed to a £1.5 billion refinancing of its senior debt facilities. This will significantly reduce its interest bill, extend debt maturities, and secure additional credit facilities to support its next phase of growth.

Bringing on new lenders

The deal sees existing lender, Blackstone Credit & Insurance (Blackstone), continue to support Davies, alongside participation from a range of additional lenders. These include CPP Investments, Alberta Investment Management Corporation (AIMCo), New Mountain, funds managed by Hamilton Lane, and Stepstone Group. The transaction refinances existing senior facilities, pushing maturities out to 2031 as well as securing a new credit line to help fund investment in M&A, innovation, and strategic projects, including the firm’s AI and GenAI development.

Dan Saulter, group CEO of Davies commented: “We are delighted to have secured this refinancing, which saw high demand and very competitive terms.  We look forward to continuing to work with Blackstone, as well as bringing in new credit partners to help us fund our next phase of growth. The deal demonstrates confidence in Davies as a leading provider of professional services & technology for insurance & highly regulated markets, but it also recognises the financial strength of our business and our focused and proven strategy for profitable growth”.

Internal growth

In the past 10 years, Davies has completed more than 50 acquisitions, expanding its service offering & entering new geographies to support its growing, global client base of more than 1,700 insurance and highly regulated businesses. In November 2023, the firm added new claims and services capabilities to its North American claims business through the acquisitions of four claims and services businesses from Brown & Brown. In February 2024, Davies added forensic accounting expertise, through the acquisition of Matson, Driscoll & Damico (MDD).

Davies has consistently delivered high single-digit annual organic growth which alongside its M&A strategy has seen the firm grow revenues more than 25-fold since 2014. Over the last five years, Davies has invested heavily in research and development, innovation and artificial intelligence, platform integration and underlying business systems, colleague development, and client service.

Image: Canva.

Emma Cockings Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.