Insurance services specialist Davies has confirmed the appointment of James Ferris (pictured above) as the new chief executive officer of its captive management division, with effect from July 1.
Ferris will be based in Bermuda and succeeds Nick Frost, who will move into the position of chairman.
Ferris joins the company from BMS, where he was CEO of capital and risk advisory in Bermuda. Prior to that, he spent more than 20 years at PwC, ultimately serving as lead partner of the advisory team in Bermuda.
His experience spans risk consulting, capital optimisation, and regulatory advisory for insurance groups. His new remit includes overseeing Davies’ global captives team and developing the business’s services and operational capabilities.
Ferris’ predecessor, Frost, has served as CEO of the captive management business for 14 years and will now step into an ambassadorial role as chairman. In his new capacity, he will focus on supporting US-based captive owners.
Frost previously oversaw Davies’s integration of multiple captive management operations, including the 2023 acquisition of Ortac Underwriting Agency’s insurance management services. That acquisition expanded Davies’s client base and added further depth to its Bermuda presence.
The firm said the leadership changes support its goal of expanding into new global domiciles in response to increased demand for international captive services. This follows the earlier launch of a captive management facility in Guernsey in 2021, which was designed to create a centre of excellence for the UK and European markets.
Bermuda remains a core hub for Davies’s captive business. In 2024, the Bermuda Monetary Authority (BMA) issued licences to 10 new captive insurers, continuing a trend of growth in the jurisdiction.
Steven Crabb, CEO of Davies’ Insurance Solutions segment, said the appointment of Ferris supports the business’s plans for growth in the captive management space.
“James’ extensive experience within the industry will bring new developments and we look forward to seeing his future contributions. The move of Nick Frost to Chairman is a pivotal internal change to consolidate team strengths and maintain the tremendous progress Nick has made over the last 5 years, and we look forward to seeing continued growth in the future,” Crabb said.
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