Bain Capital Insurance has reached a definitive agreement to recapitalise US claims management company Ryze Claim Solutions.
The move is aimed at fuelling Ryze’s growth organically and through acquisitions, while also expanding its service offerings, geographical reach and customer segments.
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Post-transaction, Bain Capital Insurance, the insurance-focused division of investment company Bain Capital, will hold a majority stake in Ryze.
Ryze will continue to be led by its existing management team, with executive chairman Tony Grippa and president Scott St. John at the helm.
Key figures including VJ Dowling, Dave Delaney and Stuart Myers will maintain significant ownership interests in the company.
Financial details of the transaction were not disclosed.
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By GlobalDataEstablished in 2014, Ryze has broadened its scope from core residential property loss-adjusting services to a suite including desk, third-party administration, alternative dispute resolution and virtual solutions.
The company now serves a diverse customer base across residential, commercial property and casualty markets.
Grippa said: “We are proud to have built a platform that provides a depth and breadth of services to insurers who are increasingly looking for claim services partners as both the rate and the amount of routine and complex claims rise.
“We are looking forward to our partnership with Bain Capital, who shares our long-term vision for the continued expansion of our business offerings, and thoughtfully growing the Ryze platform through a targeted acquisition effort.”
Bain Capital Insurance global head Matt Popoli said: “As the frequency and severity of weather events persist, insurance carriers and MGAs [managing general agents] will seek out highly experienced service partners that allow them to more effectively address the operational and logistical challenges associated with an increasingly complex claims environment.
“The breadth of Ryze’s service offerings coupled with its demonstrated track record of creating purpose-built solutions in collaboration with insurers positions the company to excel in this evolving market.”
The completion of the deal is contingent upon customary approvals.
In December 2023, Bain Capital Insurance made a $200m investment in GuideOne Insurance Company.
That same month, New Zealand-based insurer TOWER, in which Bain Capital has a 20% stake, initiated a strategic review to evaluate options that maximise shareholder value.
