-Crawford & Company | August 24, 2021
Crawford & Company, the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations, has acquired edjuster, a technology-driven field and desktop contents claims handling solutions company.
edjuster is the established leader in contents services with 20 years of recognized experience in both the U.S. and Canada. This solution operates on a proprietary contents management platform that offers a full-featured, easy-to-use contents inventory and valuation solution for both high severity complex claims and high-volume, small claims. The acquisition of edjuster adds a digital component to Crawford’s existing contents valuation service, expands Crawford’s current capabilities in North America and supports its purpose to restore and enhance lives, businesses and communities.
According to Pat Van Bakel, president, Loss Adjusting, North America, “This combination will bring together Crawford’s global reach and expansive services with edjuster’s digital capabilities and niche expertise. We are excited to join forces with this established and expanding company. Their proven execution capability, strong client relationships, solid technology platform and scalable operating model will allow us to offer more robust digital services to Crawford customers.”
“This acquisition is a tremendous fit for edjuster given the synergies between our organizations. The opportunity to become part of a much larger claims operation covering all of North America provides invaluable expertise to the Crawford suite of services and adds enormous depth and flexibility to our existing capabilities both in the field and behind the desk,” said Andy Williams, edjuster’s chief executive officer.
Crawford Chief Executive Officer, Rohit Verma added, “At Crawford, we have a relentless pursuit of service excellence, and edjuster’s ability to combine technology and people takes us one step closer to our goal to reimagine the claims ecosystem. Additionally, this combination will help us achieve our envisioned future and brand promise, making Crawford the embedded partner of choice in the insurance industry.”
Based in Atlanta, Crawford & Company is the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75 percent of CRD-A, voting as a class.
HGGC, PCF | May 18, 2020
HGGC recently completed its acquisition of PCF Insurance, a full-service insurance brokerage based in Woodland Hills, California.
Acquisitions have been at the heart of PCF’s growth over the past two years. Since 2018, the retail brokerage has executed an aggressive M&A strategy.
In addition to facilitating inorganic growth via M&A, HGGC will also support PCF in building out its platform, investing in new technology.
HGGC, a middle market private equity firm, recently completed its acquisition of PCF Insurance, a full-service insurance brokerage based in Woodland Hills, California.
Founded in 1987, PCF is a growing retail insurance brokerage with a diverse offering of commercial lines, personal lines, and employee benefits products. It currently has over 400 employees across the US and serves more than 40,000 customers. Following the deal, PCF’s current management, employee owners, and existing investor BHMS Investments have retained minority stakes in the business.
New owner HGGC is no stranger to the insurance services world. Two of its key insurance services portfolio companies include US-based Integrity Marketing Group and UK-based Davies Group. Since HGGC’s investment into Integrity in July 2016, the firm has grown to be among the leading distributors of senior life and health products in the US, placing $2.5 billion in premiums and recording 8x earnings growth. It’s a similar success story with Davies Group. The UK-based provider of tech-enabled insurance services has completed 17 acquisitions and quintupled revenues in three years with HGGC backing.
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We believe the key to success in the insurance services space is strong leadership and smart M&A. We’re excited to build on our successful track record with Davies and Integrity, When we got to know PCF as a business, and we got to know Peter Foy [PCF founder, CEO and chairman] and the team, two things were very clear. One is that PCF was thriving in a market that we really like. The retail brokerage market is attractive because there’s highly recurring revenue, high retention of that revenue, nice earnings characteristics, stable and steady cash flows, and opportunities to grow both organically and inorganically.
- John Block, Partner at HGGC.
“PCF demonstrates those qualities. Peter Foy has done a fantastic job both managing organic growth and also leading 18 acquisitions over the past two years. He partners with BHMS Investments to meaningfully scale the business and build out what is now a national platform. So, they have a strong business today, a nice financial profile, a diversified platform nationally, a nice mix of commercial lines, personal lines and employee benefits, and a good mix of carrier partners. Those things combined make PCF a really strong platform to work with, and we think there’s a big opportunity to continue to invest in the team, continue to build out the corporate infrastructure, and continue to focus on organic and inorganic growth.”
Acquisitions have been at the heart of PCF’s growth over the past two years. Since 2018, the retail brokerage has executed an aggressive M&A strategy by completing 18 add-ons and expanding outside of California into New York, Illinois, Nevada, Colorado, Arizona, Kansas, Kentucky, and Florida. Moving forwards, HGGC wants to position the business to be able to acquire 10 to 20 businesses every year, according to Block. He said that with the pipeline of opportunities in the marketplace, and the increasing footprint and presence of PCF, the brokerage will be “well positioned to achieve that goal”.
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The prospect of further growth proved “exciting” for Foy. Commenting on the deal, the brokerage founder and CEO said: “We’re excited to partner with HGGC and leverage their experience and support during this next phase. I’m confident that, together, we will be able to continue to execute our strategy and accelerate our growth in this attractive market.”
In addition to facilitating inorganic growth via M&A, HGGC will also support PCF in building out its platform, investing in new technology, and continuing to grow organically by leveraging its strong producer base and blue-chip carrier relationships. Block explained: “We absolutely intend to invest in the platform, meaning we will build out the infrastructure of the business and invest in new technology, systems and processes to help optimize the business and continue to allow it to scale.
We see that across all of our business portfolios – the utilization of technology internally to help these businesses scale efficiently and effectively – and that will absolutely be the case at PCF. In addition to that, we will be looking at opportunities to help our agencies and help our businesses, PCF included, utilize technology better. We are big believers in giving our teams external-facing technology over time and enabling them to use the latest and greatest tools at their disposal in order to be as effective and productive as they can be.
- John Block, Partner at HGGC.
HGGC is a leading global private equity firm with over $4.3 billion in cumulative capital commitments and oversees portfolio companies that employ more than 65,000 employees globally. Over its history, HGGC has completed platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $25 billion.
Founded as Peter C. Foy & Associates in 1987, PCF is a leading insurance brokerage firm dedicated to providing complete risk management solutions.PCF has a diverse offering of commercial lines, personal lines, and employee benefits products, with more than 40,000 customers across the country.
Encova Insurance, Bold Penguin | January 07, 2021
Bold Penguin, a rapidly growing insurance technology supplier, reports today that it has started revealing a digital commercial insurance solution as a team with Encova Insurance. Encova joins other territorial and public key insurance organizations to offer a quoting experience for entrepreneurs' approaches for its autonomous agents.
As the small business space across the United States keeps on moving to digital, the requirement for precise, proficient admittance to commercial insurance has expanded. Small businesses and insurance agents the same profit by extended digital quoting capabilities that are controlled by Bold Penguin's technology.
"Independent agents and businesses alike need a solution for quick, easy to use, accurate software when it comes to quoting small commercial opportunities. Encova has proven to be one of the more advanced organizations and we are happy to work together," said Marc DeLeonibus, Co-founder of Bold Penguin. "Our partnership with Encova is the latest example of how large insurance companies are being nimble and meeting their agency force in a more digital way."
Encova and Bold Penguin declared their association in 2018. From that point forward, the two associations have been working intently on picking the correct enterprises, items, and key agents to move toward small commercial. The recently declared work smoothes out the rate, statement and tie measure and permits select Encova organizations to get to their items.
"We're committed to creating the user experience our small business customers and our agents expect," Encova Executive Vice President, Commercial Lines and Life, Grady Campbell said. "Partnering with Bold Penguin allows us to execute this vision quickly and efficiently, allowing more small businesses to access the coverage they need to grow their businesses."
Bold Penguin proceeds with its development by offering admittance to its Exchange to merchants, agents, insurtechs, and select key accomplices who work in taking care of small business insurance. Since the underlying dispatch of its foundation, Bold Penguin has helped handle in excess of 2 million statement begins. The organization has prepared applications across all significant lines of commercial inclusion, including overabundance and excess (E&S) and commercial auto by helping a developing rundown of dispersion and transporter accomplices.
About Encova Insurance
A super-regional carrier ranked in the top 20 mutual insurance companies in the United States, Encova includes more than 1,200 associates writing in 28 states and the District of Columbia, premiums in excess of $1 billion, a surplus in excess of $1.65 billion and assets in excess of $4.3 billion. The group markets insurance solutions through more than 2,000 independent agencies in the Midwest, Northeast and South.
About Bold Penguin
Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Bold Penguin was founded in 2016 by a group of entrepreneurs who spent their early days working with Allstate, Nationwide and Progressive alongside regional carriers and established insurance agencies.