Memphis-based global claims services firm Sedgwick has finalized the acquisition of competitor global loss adjusting and claims management firm Cunningham Lindsey and its subsidiaries.
Sedgwick purchased its competitor from CVC Capital Partners, a private investor group that has owned a majority ownership in Cunningham Lindsey since 2012.
No details of the sale were disclosed.
The acquisition brings Sedgwick nearly 6,000 Cunningham Lindsey employees in 65 countries who provide support to businesses, insurance companies, brokers and policyholders. The combined firm will have 21,000 employees.
The services Cunningham Lindsey delivers—which include property loss adjusting, third-party claims administration, global account management, forensic engineering, and restoration and repair consulting, among others—complement the capabilities of Sedgwick and Vericlaim.
Most of the combined organization—including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey—will operate globally under the Sedgwick brand name.
“The close of this transaction brings a wealth of talent to Sedgwick, broadens our international footprint, and reinforces our position as the leading global provider of technology-enabled business solutions in the risk and benefits space,” said Dave North, Sedgwick’s president and CEO.
North will continue to lead the company’s executive council, now comprising global chief financial officer Henry Lyons, group presidents Mike Arbour and Bob Peterson, and Jane Tutoki, who previously served as global CEO of Cunningham Lindsey and has been appointed vice chair of Sedgwick.
Stone Point previously owned a majority stake in Cunningham Lindsey, while Fairfax Financial Holdings Ltd. owned a large minority stake. In 2012, they put Cunningham Lindsey up for sale. In December 2012, CVC Capital Partners, a private investor group, acquired a majority ownership in Cunningham Lindsey.
Sedgwick’s majority shareholder is KKR; Stone Point Capital LLC, La Caisse de dépôt et placement du Québec (CDPQ) and other management investors are minority shareholders. Stone Point Capital and Hellman & Friedman bought Sedgwick in 2010 for about $1.1 billion.
In October 2014, Sedgwick completed its purchase of T&H Global Holdings, LLC and its subsidiaries (T&H), which include VeriClaim Inc., VRS VeriClaim U.K. Ltd, Unified Investigations & Sciences Inc., Cramer, Johnson, Wiggins & Associates Inc., (CJW) and Ellis May Chartered Loss Adjusters.
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