Flexpoint Ford has signed an agreement to sell T&H Global Holdings and its subsidiaries (DBA VeriClaim) to Sedgwick Claims Management Services, a portfolio company of Kohlberg Kravis Roberts & Co. and Stone Point Capital. VeriClaim has been majority owned by Flexpoint since March 2011. The transaction is expected to close within the next 60 days.
VeriClaim is a provider of specialized insurance claims services to insurance carriers, insurance brokers, corporations and public entities. Services include loss adjusting, third-party claims management. and fire and forensics investigation services. The company was founded in 1918 and is headquartered in the Chicago suburb of Naperville, IL (www.vericlaiminc.com).
“VeriClaim’s focus on providing exceptional claims services to a global customer base is unmatched in the insurance services industry and has allowed the company to extend its market leadership. By achieving strong organic growth and executing a successful acquisition strategy, the management team has delivered an excellent return for our investors and exceeded our high expectations,” said Chris Ackerman, a Managing Director of Flexpoint.
Flexpoint Ford seeks to invest from $10 million to $100 million in companies operating in the healthcare and financial services sectors. Flexpoint Ford currently has $1 billion in capital under management. The firm is based in Chicago with an additional office in New York (www.flexpointford.com).
“Flexpoint’s expertise in the insurance sector and strategic advice have been integral in growing VeriClaim into a market leading platform. Additionally, Flexpoint has been a valuable financial partner that has supported VeriClaim through multiple strategic acquisitions,” said Mike Arbour, Chief Executive Officer of VeriClaim.
Sedgwick Claims Management Services (Sedgwick) is a provider claims, productivity, managed care, risk consulting and other services to clients through a network of more than 200 offices located in the US and Canada. The company specializes in workers’ compensation; disability, Family and Medical Leave Act (FMLA), and other employee absence; managed care; general, automobile, and professional liability; warranty and credit card claims services; fraud and investigation; structured settlements; and Medicare compliance services. Kohlberg Kravis Roberts & Co. and Stone Point Capital acquired Sedgwick in March 2014 from Hellman & Friedman. Sedgwick is based in Memphis (www.sedgwick.com).
KKR makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. The firm has $90 billion in assets under management. KKR was founded in 1976 and in addition to its New York headquarters the firm has offices in Menlo Park, San Francisco, Houston, Washington DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai and Sydney (www.kkr.com).
Stone Point Capital serves as the manager of the Trident Funds, which have raised more than $10 billion in committed capital to make investments in the insurance, employee benefits and financial services industries. The firm is located in Greenwich, CT (www.stonepoint.com).
2014 PEPD • Private Equity’s Leading News Magazine • 9-17-14
