BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Private equity funds buying Sedgwick CMS in $1.1B deal


MEMPHIS, Tenn.—Sedgwick Claims Management Services Inc. is getting new ownership, with two private equity investors agreeing to acquire the third-party claims administrator in an approximately a $1.1 billion deal.

Stone Point Capital L.L.C. and Hellman & Friedman L.L.C., as well as Sedgwick CMS' management, are buying the company from its current investors, which include Fidelity National Financial Inc., Thomas H. Lee Partners L.P., Evercore Capital Partners and other minority shareholders, Memphis, Tenn.-based Sedgwick CMS said in a statement.

Sedgwick CMS is largest third-party administrator, based on $600.6 million in 2009 revenue from self-insured clients, according to Business Insurance's 2010 ranking.

The deal is expected to close in the second quarter, Sedgwick CMS said in the statement.

“We are excited to be partnering with Stone Point and Hellman & Friedman for the next stage of Sedgwick CMS' growth. Both firms have exceptional records investing in financial services companies and will be valuable strategic partners for our company,” Sedgwick CMS President and CEO David A. North said in a statement.

“Stone Point and Hellman & Friedman share our vision for continuing the growth of Sedgwick CMS through focusing on our clients and delivering highly responsive, cost-effective claims and productivity management solutions,” Mr. North said.