Sedgwick, an American firm that offers technology-enabled risk, benefits and integrated business solutions, has wrapped up the previously announced takeover of York Risk Services Group.
Besides providing claims administration and managed care, the acquired entity offers specialised loss adjusting, pool administration as well as loss control solutions.
Go deeper with GlobalData
The deal was first announced in July this year. It is Sedgwick’s fourth acquisition of a third-party administrator (TPA) during the last five years.
Earlier Sedgwick snapped up purchased Nordic Loss Adjusting and related entities last month. In 2018, the company acquired Cunningham Lindsey and snapped up T&H Global Holdings in 2014.
The combined entities will have a workforce of approximately 27,000 employees operating across 65 countries.
Under the terms of the deal, Onex Corporation controlled entities will launch their equity into the combined business. As a minority investor, they will also join Sedgwick’s shareholder group.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSedgwick president and CEO Dave North said: “The York acquisition marks another milestone in our storied half-century of growth.
“Joining forces with York enhances Sedgwick’s position as a global industry leader. Together, we’ll have the capacity to support more customers in times of need; taking care of people is at the heart of everything we do, because caring counts.”
York Risk Services Group chairman and CEO Thomas Warsop said: “Integrating our two companies’ expertise and capabilities will enhance our service offerings, bring us into new markets, and present exciting growth opportunities for our talented colleagues. This union is great news for the industry and for all our valued stakeholders.”
BofA Merrill Lynch and Morgan Stanley & Co acted as financial advisors to Sedgwick while Simpson Thacher & Bartlett and Clifford Chance US LLP served as legal advisors.
For York Risk Services Group, Jefferies and J.P. Morgan Securities worked as financial advisors while Fried, Frank, Harris, Shriver & Jacobson acted as its legal advisor.
