Insurance broking and risk management firm Marsh has entered into an agreement to acquire Dovetail Insurance, which provides insurance technology services to the small commercial market in the US.
Terms of the deal have not been disclosed.
Based in Columbia of South Carolina, Dovetail has designed an advanced cloud-based technology platform for independent insurance agents.
It allows agents, on behalf of their small business clients, to secure online quotes from multiple insurance providers and bind insurance policies in real time.
The process also helps agents to select expanded product offerings, as well as offers insurance providers access to a state-of-the art platform for distributing their products.
Once the deal concludes, Dovetail will be included in the firm’s global risk and specialties segment. Dovetail CEO Steve Francis and the entire team will join Marsh to support the firm in implementing SME strategy in the US.
Marsh global risk and specialties president John Drzik said: "The addition of Dovetail is part of Marsh’s global strategy to provide expanded services to the small and medium-sized enterprise (SME) segment.
"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."
The deal is expected to be completed in the third quarter of this year.
Marsh is a wholly owned subsidiary of Marsh & McLennan Companies, which provides advice and solutions for its clients in the areas of risk, strategy and people.
Image: Dovetail Insurance offers insurance technology services to the US small commercial market. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.