Global claims firm Sedgwick Claims Management Services will acquire Cunningham Lindsey, another global loss adjusting and claims management firm.
Neither side disclosed financial terms.
CVC Capital Partners, a private investor group, has owned a majority ownership in Cunningham Lindsey since 2012.
“Our vision is to align our complementary services and further grow the reach to a scale that will help redefine the expertise and talent we can offer,” Jane Tutoki, global CEO of Cunningham Lindsey, said in prepared remarks.
Sedgwick employs 15,000 people in 275 offices located in the U.S., Canada, U.K. and Ireland. Cunningham Lindsey employs 6,000 people in 600 offices in 60 countries.
Cunningham Lindsey’s services include loss adjusting, third-party claims administration, global account management, forensic engineering, and restoration and repair consulting.
Stone Point previously owned a majority stake in Cunningham Lindsey, while property/casualty insurer and reinsurer 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. Terms of that deal were not disclosed.
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 January 2014, KKR bought a majority stake in Sedgwick for $2.4 billion in January.
Memphis-based Sedgwick purchased T&H Global Holdings and its subsidiaries including VeriClaim Inc. in October 2014.
Source: Sedgwick Claims Management Services