Worley Claims Services, a portfolio company of Aquiline Capital Partners, has signed an agreement to acquire NCA Group, a provider of insurance claims services.
NCA Group specializes in residential and commercial property claims management throughout the United States, Canada and the Caribbean. The company’s claims services platform is comprised of five operating units: Daily Claims; Catastrophe Claims; Commercial, Complex, and Large Loss Claims; Third Party Administration; and Temporary Staffing. NCA Group was founded in 1984 as National Catastrophe Adjusters and is headquartered in Indianapolis (www.ncagroup.com).
Worley Claims Services is one of the largest independent providers in the United States of property, auto, personal lines, and casualty claims adjustment services to national and regional insurance companies, commercial clients, and clients in the federal and state government sectors. The company was founded in 1976 by Edward Worley and is headquartered east of Baton Rouge in Hammond, LA (www.worleyco.com). Worley has been a portfolio company of Aquiline since October 2014 when it was acquired from Seaport Capital and Advantage Capital. Seaport Capital and Advantage Capital acquired the company, then known as Worley Catastrophe Response, in May 2008.
According to Allen Carpenter, President and Chief Operating Officer of Worley, this add-on acquisition creates a market-leading diversified claims services company with an ability to mobilize one of the largest adjuster networks in the United States for both daily and catastrophe claims events. “This is a transformational transaction for Worley and broadens our leadership position in comprehensive catastrophe management services to now include more daily and commercial capabilities, both areas that are strategically important to our growth,” said Mr. Carpenter.
Mr. Carpenter and Jim Pearl (President of NCA Group) will be responsible for the day-to-day operations of the combined company as Co-Presidents. Michael Worley will remain Chief Executive Officer of Worley Claims Services.
StoneRidge Advisors, an investment bank that specializes in insurance transactions, was the financial advisor to NCA Group. StoneRidge has offices in Chicago and New York (www.stoneridgeadvisors.com).
Aquiline Capital Partners invests in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology. The firm is based in New York (www.aquiline-llc.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-30-15
