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Sedgwick Claims Management Services Inc. has signed an agreement to acquire T&H Global Holdings L.L.C. and its subsidiaries, the Memphis, Tennessee-based third-party administrator said Wednesday.
Sedgwick declined to disclose the price and terms of the deal.
This acquisition will expand Sedgwick's footprint beyond North America, allowing the company to better serve its global clients, Sedgwick, the largest U.S. workers compensation TPA, said in a statement.
Naperville, Illinois-based T&H provides specialized insurance claims services on six continents through its subsidiaries — VeriClaim Inc., VRS VeriClaim U.K. Ltd., Unified Investigations & Sciences Inc., Cramer, Johnson, Wiggins & Associates Inc. and Ellis May, according to the statement.
“Combining the vast capabilities of the T&H and VeriClaim companies with our already robust service offerings will allow us to better serve the increasingly complex needs of our clients,” David A. North, Sedgwick's president and CEO, said in the statement. “With an array of property adjusting services, specialized desktop offerings and forensic investigations, we can now respond in a more comprehensive manner.”
Michael Arbour, president and chief executive officer of T&H, said in the statement that “with our combined business, we will be able to provide even better solutions for the multifaceted claims needs of our clients.”
The transaction, which is subject to customary conditions and regulatory approvals, is expected to close in the next 60 days, according to the statement.
New York investment firm KKR & Co. L.P. has agreed to buy a majority ownership of third-party administrator Sedgwick Claims Management Services Inc. for $2.4 billion, Sedgwick announced Monday.