MEMPHIS, Tenn. /PRNewswire/ — Sedgwick Claims Management Services, Inc. (Sedgwick CMS) announced today that it has completed its purchase of Specialty Risk Services, LLC (SRS) from The Hartford Financial Services Group, Inc. (NYSE: HIG) for $278 million.
The acquisition brings to Sedgwick CMS the people, business resources and alternative market presence of SRS, which provides claims and risk management services to self-insured and insured clients. It also reinforces Sedgwick CMS’s position as the largest independent North American provider of claims administration services.
Together Sedgwick CMS and SRS will offer the combined expertise of nearly 8,500 experienced and talented professionals and will generate an annualized revenue base approaching $1 billion. In the near term, the operations of the newly acquired Sedgwick CMS affiliate will continue to use the SRS name.
“In our earlier joint release with The Hartford we emphasized our shared commitment to assuring continuity of services to SRS clients grounded in the high degree of compatibility between Sedgwick CMS and SRS in the areas of quality and accountability for results,” said Sedgwick CMS President and CEO David A. North. “The force of those commitments was strikingly demonstrated by our extension of continuing employment offers to all direct employees of SRS. I am pleased to confirm that virtually all have accepted and will continue in their current service and support roles.
“We can now move forward with our new colleagues in the planning and implementation of business strategies that build on the strengths of both organizations. We look forward to offering the industry’s broadest platform of customized claims and productivity management solutions,” North said.