Century Equity Partners has agreed to acquire Hancock Claims, a property and casualty inspection business. No financial terms were disclosed.
ATLANTA & BOSTON–(BUSINESS WIRE)–Hancock Claims Consultants Holdings, LLC (“Hancock”), a leading property and casualty inspection business, today announced that it has entered into an agreement with Century Equity Partners (“Century”) pursuant to which Century becomes the new majority owner of Hancock.
Brad Hancock, the founder and CEO of Hancock Claims, replied, “The entire Hancock Team is excited about the opportunity to partner and grow with such a private equity company who shares our vision and strategy for growth and diversification. We retain a significant ownership position and look forward to the opportunities with our Carrier partners and Customers as the result of having access to significant capital and the resources of Century. We anticipate substantially increasing the size of our field resources to better serve our carrier partners and further reduce the cycle time of their claims processing. In addition, we have identified several related acquisition opportunities to support our carrier partners with enhanced services to increase their efficiency and effectiveness with their homeowners and customers.”
For the reasons above, Keith Roux, a Principal of Century Equity said, “We feel that Century is uniquely well-positioned to help accelerate Hancock’s already impressive growth trajectory. Furthermore, we believe Hancock represents a compelling investment opportunity given the fundamental changes occurring in the P&C claims industry as it relates to carriers focusing on lowering loss adjusting expenses and optimizing their staff resources.” Century has direct and highly relevant experience in the insurance claims sector that they will leverage to position themselves as a strategic resource to the Hancock management team. More specifically, they have made investments in the following market-leading, insurance claims-focused businesses: BrightClaim (diversified P&C adjusting and inspection services), Colonial Claims (flood adjusting for NFIP and WYO participants), Rimkus Consulting (complex claims and forensic engineering services), and Torrent Technologies (provider of administration and claims handling solutions to the flood insurance industry).
Waller Helms Advisors served as the exclusive financial advisor to Hancock and Alston & Bird served as Hancock’s counsel. Kirkland & Ellis served as legal counsel to Century.
Hancock Claims Consultants Holdings, LLC is a leading insurance claims services company that has leveraged technology to generate extraordinary growth. Hancock’s primary services include property inspections of damaged structures with a specialty in high and difficult roofs, interior water damage assessments, and damage mitigation by tarping and board-ups related to both homeowners’ and commercial property claims. Roof inspections include ladder leans, ladder assists, direct inspections, virtual inspections, underwriting and loss control inspections. Hancock partners with leading technology providers to deliver detailed, expedited, and customized reports and estimates; cost-effective integrated claims handling solutions for carriers; and increased policyholder satisfaction. Hancock’s clients include all of the top 10 property and casualty carriers in the U.S. as well as hundreds of mid-tier and regional carriers and claims services companies. The company has experienced dramatic growth, with revenue up over 85.6% over the last 3 years. With its significant structure in place and a largely variable cost model, Hancock is primed for continued rapid growth and financial success.
About Century Equity Partners:
Century Equity Partners is a Boston based private equity firm that provides capital to lower middle market companies seeking to support growth, fund acquisitions or effectuate recapitalizations. Century focuses on companies operating across the insurance and financial services sectors. More information is available at www.cepfunds.com.