Global insurance brokerage, Marsh, announced Thursday that it had entered into a definitive agreement to acquire insurance technology services provider, Dovetail Insurance. The transaction is expected to close in third quarter of 2015.
Based in Columbia, South Carolina, Dovetail's advanced cloud-based technology platform enables independent insurance agents to obtain online quotes from multiple insurance providers and bind insurance policies in real time, on behalf of their small business clients.
[Related: Marsh publishes hurricane preparedness and response checklist for risk managers]
"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 at 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."
Upon closing, the entire Dovetail team, including management, will join Marsh as part of 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," said Dovetail CEO Steve Francis.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.