Worley Claims Service, which is backed by Aquiline Capital Partners, has acquired Orlando, Florida-based Nexxus Solutions Group, a managed repair network administrator that serves the property insurance sector in the U.S. and Canada. No financial terms were disclosed.
HAMMOND, La.–(BUSINESS WIRE)–Worley Claims Services, a recognized leader in providing insurance claims services in North America, today announced the acquisition of Nexxus Solutions Group, a managed repair network administrator servicing the property insurance industry in the U.S. and Canada. The transaction marks Worley’s entry into the managed repair business and continues the company’s expansion as a leading provider of claims management solutions throughout the U.S. and Canada.
Financial terms of the transaction were not disclosed.
Founded in 2012 and headquartered in Orlando, Florida, Nexxus has quickly established itself as a leader in the rapidly growing managed repair sector. Nexxus provides emergency services for water, fire and smoke, construction, remodeling as well as general repairs on residential and commercial losses. Through its network of over 2,000 contractors and service providers operating in all 50 states and Canada, Nexxus will continue to service the insurance claims industry under the same name. Its leadership team and employees will remain in place.
“Expanding into the managed repair space was a key component of our 2016 strategic plan, as we recognize the customer service benefits and potential cost savings our clients realize through routing certain property claims through a managed repair service provider,” said Jim Pearl, CEO of Worley. “This acquisition brings a very talented team to Worley and enhances our capabilities to service our national and regional insurance carrier partners. We intend to continue making investments that will allow us to evolve as a comprehensive service provider capable of meeting the needs of our clients from first notice of loss of a claim through the repair or build back of the damaged property.”
Rick Hayne, CEO at Nexxus stated, “We look forward to joining Worley and benefitting from the expanded opportunities this partnership will present to Nexxus’ clients and employees. After considering a variety of strategic relationships over the years, it is clear we have found the ideal partner in Worley. They are truly set apart by their strategic vision, professionalism, focus on customer service and track record of successful acquisitions in the insurance services sector.”
The agreement with Nexxus is Worley’s fourth acquisition since 2015. In July of 2015, Worley combined with NCA Group, a provider of daily and catastrophe residential and commercial property claims services throughout the U.S. In October of 2015, Worley acquired Charlotte, North Carolina-based RJMW Claims Services, a regional provider of daily and catastrophe residential and commercial property claims services. Most recently, in July of 2016, Worley acquired San Jose, California-based Summit Independent Claim Services, which provides commercial and residential property loss adjusting services.
Aquiline Capital Partners, a New York-based private equity firm investing in financial services, acquired a majority stake in Worley in October of 2014.
About Worley Claims Services
Worley, based in Hammond, Louisiana, is one of the largest providers of independent insurance claims management services in North America. Since 1976, Worley has consistently aided in managing claims, recovering costs and overseeing public relations following natural and man-made catastrophic events. Worley provides property, auto and casualty claims adjustment and related services to national and regional insurance companies, self-insured entities and the federal/state government sector. For more information, please visit: www.worleyco.com.
About Nexxus Solutions Group
Nexxus Solutions Group is an Orlando, Florida-based managed repair network administrator servicing the U.S. and Canadian insurance market. The Nexxus Solutions Group network provides emergency repairs, water mitigation, construction, remodeling as well as all other general repairs on insurable residential and commercial losses. Nexxus’ focus is to exceed its customers’ expectations by delivering quality repairs and service while reducing claim cycle times through a team comprised of the best contractors and service providers in the industry. For more information, please visit: http://www.nexxussg.com/.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York investing in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services. Aquiline targets specialized businesses that have potential for improved performance and growth in conjunction with Aquiline’s equity ownership and active involvement. The firm consists of industry experts, many with operating experience, who use a hands-on approach to build value in portfolio companies. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline-llc.com.