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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The model uses research and technology to provide insurers with a more in-depth view of risk when submitting risk filings in Florida.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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The executive will take on the role of chairman of retro, property specialty, Bermuda and market capital.
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The company said the funds raised would kick-start its effort to become a full-stack insurer.
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The new finance chief arrives from cyber InsurTech Resilience, where he was CFO, having previously spent 23 years at JLT.
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The executive had previously been the head of third-party capital at Axis.
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The transaction will create London’s largest independent specialty and wholesale broking business.
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He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.
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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
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Around 15 producing brokers are on the move, with a number from the non-marine specialties team.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.