MEMPHIS, Tenn., Feb. 28, 2011 /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.
About Sedgwick CMS
Sedgwick Claims Management Services, Inc. is the leading North American provider of innovative claims and productivity management solutions. Sedgwick CMS and its affiliated companies deliver cost-effective claims administration, medical management, risk consulting and related services to clients through the expertise of approximately 8,500 colleagues in more than 150 offices in the U.S. and Canada. The company specializes in workers' compensation; disability, FMLA and other employee absence; general, automobile and professional liability; alternative market; and warranty and credit card claims services as well as Medicare compliance solutions. Sedgwick CMS and its affiliates design and implement customized programs based on proven practices that meet client needs. To learn more, visit www.sedgwickcms.com.
About The Hartford
Celebrating 200 years of helping its customers achieve what's ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 100 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
Sedgwick CMS Media Contacts:
Catherine Bennett, 615-892-9361, Catherine.Bennett@sedgwickcms.com
Amara Levine-Reich, 901-415-7550, Amara.Levine-Reich@sedgwickcms.com
The Hartford Media Contacts:
Dave Snowden, 860-547-3397, David.Snowden@thehartford.com
Debora Raymond, 860-547-9613, Debora.Raymond@thehartford.com
The Hartford Investor Contact:
Richard Costello, 860-547-8480, Richard.Costello@thehartford.com
SOURCE Sedgwick Claims Management Services, Inc.