Insurance broking and risk management firm Marsh has agreed to acquire Dovetail Insurance, provider of insurance technology services for the U.S. small-commercial market. Terms were not disclosed.
Dovetail is the developer of a cloud-based comparative rating platform, which is intended to enable agents to offer faster, better service and an expanded product selection, Marsh said, while offering insurers access to a 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 segment,” said John Drzik, president of global risk and 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.”
Steve Francis, CEO, and the Dovetail team will be part of Marsh’s Global Risk & Specialties segment upon closing, which is expected in the third quarter of this year. “We are excited to join Marsh to accelerate our market penetration, and deliver a wider array of products to SMEs,” Francis said.
