MEMPHIS, Tenn., May 28 /PRNewswire/ -- Sedgwick Claims Management Services, Inc. (Sedgwick CMS) today reported the closing of the previously announced transaction whereby investment funds affiliated with Stone Point Capital LLC and Hellman & Friedman LLC, together with management, have acquired 100 percent ownership of Sedgwick Holdings, Inc. (Sedgwick) for $1.1 billion. Sedgwick is the sole shareholder of Sedgwick CMS, the largest independent North American provider of claims and productivity management solutions to corporate, institutional and association clients.
"We have been very pleased by the response of all Sedgwick CMS stakeholders, especially our clients and colleagues, to this next stage of our company's development," said Sedgwick CMS President and Chief Executive Officer David A. North. "The arrangements and approvals for today's closing have proceeded smoothly as anticipated; and our organization's service teams have continued their uninterrupted focus on the delivery of highly responsive, cost-effective claims and productivity management solutions for Sedgwick CMS clients.
"My thanks to our prior investors for their support of our business mission over the past five years. We look forward now to our partnership with Stone Point Capital and Hellman & Friedman," concluded North.
Today's closing was funded with a combination of investor capital and financing arranged through Bank of America Merrill Lynch and Barclays Capital. For additional information see Sedgwick CMS's announcement of April 20, 2010 at www.sedgwickcms.com.
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 6,600 colleagues in a hundred and thirty offices in the U.S. and Canada. The company specializes in workers' compensation; disability, FMLA and other employee absence; and general, automobile and professional liability; 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. For more see http://www.sedgwickcms.com.
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. Since its founding in 1984, Hellman & Friedman has raised over $25 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including business services, insurance, financial services, software, internet and digital media, media, healthcare, energy and industrials. Representative investments in insurance services include Emdeon Business Services, SSP Holdings plc and Vertafore, Inc. For more information about Hellman & Friedman, visit www.hf.com.
About Stone Point Capital
Stone Point Capital is a global private equity firm based in Greenwich, Connecticut. Stone Point serves as the manager of the Trident Funds, which have raised more than $10 billion in committed capital to make investments in the insurance, employee benefits and financial services industries. Stone Point has a 25-year record of making successful investments in the financial services industry, including in the insurance services sector. For further information about Stone Point, see www.stonepoint.com.
For further information, please contact:
Sedgwick Claims Management Services, Inc.
Frank J. Huffman
Senior Vice President - Corporate Communications
Telephone: (901) 415-7548
Hellman & Friedman LLC
Abernathy MacGregor Group
Steven Bruce/Brendan McManus
Telephone: (212) 371-5999
Stone Point Capital LLC
James D. Carey
Telephone: (203) 862-2900
SOURCE Sedgwick Claims Management Services, Inc.