Aquiline Capital has agreed to merge CodeBlue and MADSKY. No financial terms were disclosed. Willkie Farr & Gallagher LLP represented Aquiline on the deal. Hunter Powell, CEO of MADSKY, will become CEO of the combined business. CodeBlue is a provider of property claims outsourcing solutions for the insurance industry while MADSKY provides insurance carriers and homeowners with a network of skilled trade professionals to repair roof and exterior damage following a hail or wind event.
NEW YORK, Oct. 2, 2020 /PRNewswire/ — Aquiline Capital Partners today announced the signing of definitive agreements in which it will merge Insurance Claims Management, Inc., which operates under the CodeBlue brand, and FV Holdings, LLC dba MADSKY Managed Repair Program (MADSKY). The combination will bring together two industry-leading providers, offering a unique and unified interior and exterior emergency services and direct repair capability. Hunter Powell, currently CEO of MADSKY, will become CEO of the combined business.
CodeBlue is a rapidly growing provider of property claims outsourcing solutions for the insurance industry, using proven science and industry-leading technology to generate superior service and cost outcomes. The company was founded by Paul Gross with the introduction of a revolutionary water damage mitigation solution. It has since expanded to provide a “whole home” set of property claims outsourcing solutions, including First Notice of Loss, Water Mitigation, Direct Property Repair, Desk Repair and Contents Valuation for a multitude of insurance companies.
MADSKY is revolutionizing the handling of roofing and exterior restoration needs in the insurance claims and broader property management space. MADSKY combines a claims concierge service with a network of vetted and highly qualified contractors. The firm offers a revolutionary program that simplifies the property restoration process and helps homeowners get back to their lives faster than ever before. In addition, leveraging its strong base of experienced roofing professionals, MADSKY offers several proprietary expert services aimed at aligning claim outcomes across stakeholders and decreasing loss severity.
“Both CodeBlue and MADSKY utilize technology-enabled claims delivery models that benefit insureds, insurance carriers and contractors,” stated Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners. “We are excited to back Hunter, Paul and the combined leadership team as they further their market leadership in water mitigation and roofing while also entering compelling new areas where we will provide expertise and capital to support their growth.”
“Combining CodeBlue and MADSKY brings together the leaders in managing interior and exterior damage assessment and repair. The combined entity will offer unique, value-added and mutually beneficial solutions to insurance carriers, property managers and individual property owners,” said Hunter Powell. “Both firms share a purpose-driven ethos and a people-centric mentality, and together will bring unmatched focus and capabilities to delivering industry-leading services that blend results and performance with care and compassion. It is an incredible privilege to lead this organization.”
“Aquiline Capital Partners has tremendous expertise in insurance, insurance claims outsourcing and financial technology,” said Paul Gross. “Together we will continue to expand our property claim solutions offerings, extend the combined company’s technology platform and market leadership position and develop deeper carrier partnerships.”
About Insurance Claims Management (ICM)
Headquartered in Springfield, Ohio with additional offices in Hudson, Ohio and Eau Claire, Wisconsin, ICM, operating under the CodeBlue brand, provides independent First Notice of Loss, Water Mitigation, Direct Repair, Desk Repair and Contents Valuation outsourcing solutions to insurance carriers throughout the United States and Canada. Leveraging proprietary technology during FNOL, CodeBlue captures live videos created by policyholders and contractors get the claim assessed, initiated, approved, and finished more quickly while reducing traditional expense. The platform facilitates CodeBlue contractor management and facilitates communication and business processes for insurance carriers, ICM, network service providers and policyholders. For more information, visit www.codeblue360.com.
MADSKY is headquartered in Englewood, Colorado and provides insurance carriers and homeowners with the largest network of skilled trade professionals across the U.S. to repair roof and exterior damage following a hail or wind event. MADSKY is the trusted, go-to partner for managing the entire roof restoration process. MADSKY’s network of skilled roofing contractors, general contractors, independent adjusters, suppliers, manufacturers, and more are responsible for doing the restoration work. Learn more at www.MADSKYmrp.com.
About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare. The firm has $5.3 billion in assets under management as of December 31, 2019. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.