(Photo credit: Dumitru Rotari.)
Global broker and risk management firm Marsh (New York) has signed a definitive agreement to acquire Dovetail Insurance, a provider of insurance technology services for the U.S. small commercial market.
Dovetail (Columbia, S.C.) has developed a cloud-based technology platform that enables independent insurance agents to obtain online quotes from multiple insurance providers and bind insurance policies in real time. Marsh regards the process as a means for independent agents serving their small business clients to deliver faster, better 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,” comments John Drzik president of Global Risk & Specialties, Marsh. “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.”
Marsh has not disclosed the terms of the deal but says that Dovetail CEO Steve Francis, along with the entire Dovetail team will join Marsh’s Global Risk & Specialties segment. “We are excited to join Marsh to accelerate our market penetration, and deliver a wider array of products to SMEs,” Francis comments.