Marsh has signed a definitive agreement to acquire Dovetail Insurance, a provider of insurance technology services tailored to the U.S. small commercial market. Terms of the transaction, which is expected to close in the third quarter, were not disclosed.
Based in Columbia, S.C., Dovetail has developed a 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 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.
Drzik added that combining Dovetail’s advanced technology platform with Marsh’ s data, distribution, and access to insurance capital 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.
Topics Mergers & Acquisitions Tech
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