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GAB Robins Announcement - Cunningham Lindsey Flipbook PDF
Confidential Page 1 2/10/2009 Cunningham Lindsey/GAB Robins International Announcement We are pleased to announce that C
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Cunningham Lindsey/GAB Robins International Announcement We are pleased to announce that Cunningham Lindsey has entered into a definitive agreement to purchase GAB Robins (excluding its UK operations and US loss adjusting and TPA businesses) and its U.S. forensic engineering firm, EFI Global. This acquisition will further Cunningham Lindsey’s position as a leading provider of loss adjusting and claims management services to the global insurance markets. The combined strength of these international organizations including Cunningham Lindsey’s market leading position in their existing markets including the US, Canada, the UK, Europe, the Middle-East, Latin America, India and Asia together with GAB Robins’ leading positions in Australia, New Zealand, South Africa, Asia and Europe, and EFI Global establishes the most expansive geographic platform in the industry with over 600 offices and 5,600 employees in more than 70 countries. The transaction in the process of being completed and the merging and rebranding of the GAB operations will take place over the coming months. Collectively, the operations of Cunningham Lindsey, GAB Robins International, and EFI Global are complementary with minimal overlap in their geographic, operational, and client base. The synergies achieved from this offer significant strategic and operational benefits that will translate into expanded service capability, expertise, and leadership positions in all major regions of the world, including the fast growing economies of China and India. The substantial operational scale of the combined company will further enhance the high level of service afforded to our global client base of insurers, brokers, and international corporations and optimally positions Cunningham Lindsey to be the provider of choice for large multi-national accounts and major insurance carriers who are seeking a consistent global service. This combination of the second and third worldwide loss adjusting firms significantly enhances our capability to handle claims at all levels of complexity from personal lines through multidisciplined large losses with the leading major loss adjusting teams within Cunningham Lindsey International. The executive management of Cunningham Lindsey, GAB Robins’ acquired companies and EFI Global are enthusiastic about the opportunities that the new ownership and greater operational scale will present. These operating units will continue to meet their customers’ service expectations in each country through their global account managers, claims adjusters and experts ensuring business continuity throughout the organization. The new company will operate under the Cunningham Lindsey brand identity. Cunningham Lindsey is owned by Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC, a leading private equity firm specializing in the global insurance and financial services sectors, Fairfax Financial Holdings, a financial services holding company engaged in property and casualty insurance and reinsurance and investment, and Management. Stone Point Capital acquired its interest in Cunningham Lindsey in December 2007. Charles A. Davis, the CEO of Stone Point Capital, said: ”We are excited about Cunningham Lindsey’s acquisition of these attractive segments of the GAB Robins Group. We have been impressed with the track record of successful growth and innovation embodied by this group of companies. We welcome GAB Robins and EFI Global management as partners in the combined business.”
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Philippe Bès, formerly President of the international operations of GAB Robins, has been appointed as Chief Executive Officer of the Cunningham Lindsey Group. Mr. Bès said: “Cunningham Lindsey’s shareholders, Stone Point Capital and Fairfax Financial, see the strategic benefit of merging selected businesses of GAB Robins with Cunningham Lindsey to create an international business with truly significant scale and expanded global reach. I look forward to leading the combination of two businesses with such impressive histories and reputations under the Cunningham Lindsey brand. This merger will provide our customers with expanded service capabilities and expertise while presenting employees of both companies with enhanced opportunities.” Brera Capital Partners LP will continue to own loss adjusting businesses of GAB Robins in the United Kingdom and the United States as well as third party administration operations in the United States. Leadership and Organizational Structure Both Cunningham Lindsey and GAB Robins’ international operations have a history of relying on strong local management teams within each operating company. This successful approach will be continued and embraced in the new organization as management believes that it provides clients with an optimal mix of global services and local expertise. For further information please contact:
Ben Price Executive Director Cunningham Lindsey International Limited International House 1, St Katharine's Way London, E1W 1UU, UK Tel: + 44 207 816 1800 Email: [email protected]
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