US-based private equity firm GTCR has announced the acquisition of property & casualty insurance industry-focused Global Claims Services (GCS) for an undisclosed sum.
The acquired firm, which is domiciled in Jacksonville, Florida, leverages proprietary databases and custom applications to offer critical cost containment solutions to the P&C insurance industry.
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GCS’s insurtech solutions provide insurance carriers with assessments of the replacement value and feasibility of repairing damaged building materials.
Founded in 1993, its client list includes almost all top 100 carriers in the US and the top 30 carriers in Canada.
GTCR noted that it plans to make an incremental equity investment in GCS to fund future acquisitions.
GCS CEO Bob Logan said: “GCS is excited to partner with GTCR. We look forward to continuing to support our insurance carrier partners while expanding our product offering through innovation and acquisitions.
“GTCR brings unique resources and experience in building industry-leading companies and expects to commit significant additional capital to fund growth.”
GTCR managing director Aaron Cohen said: “Bob and the GCS team have developed and scaled a number of unique technologies that have become mission-critical tools in the insurance industry.
“We look forward to being partners with the GCS team and accelerating their growth through acquisitions.”
