SCM Insurance Services Inc., a Canadian provider of outsourced services to the insurance industry, has secured a “significant equity investment” from TorQuest Partners.
TorQuest Partners and SCM Insurance Services Inc. announced today that TorQuest has made a significant equity investment in SCM. The management of SCM, led by Founder, President and CEO Larry Shumka, will hold a sizable equity stake and will continue to run the company.
Brent Belzberg, Senior Managing Partner at TorQuest said, “SCM is an excellent business with strong management and significant long-term growth potential. We are delighted to add SCM to our growing investment portfolio.”
“TorQuest’s investment in SCM is a strong endorsement of our strategy, people and potential,” said Mr. Shumka. “We have been impressed by TorQuest’s industry knowledge and expertise. Together we will be able to fuel the next phase of SCM’s development through continued organic growth, strategic acquisitions and the national launch of “iClarify”, our proprietary insurance to value (ITV) solution.”
Alan Lever, Partner at TorQuest said, “We see an opportunity for SCM to build on its position as one of Canada’s largest independent national providers of outsourced services to the insurance industry to become a significantly larger international player. We look forward to working with Larry Shumka and his team to achieve this.”
SCM is one of Canada’s largest independent national providers of outsourced services to the insurance industry. Established in 1986, SCM has grown to a national group of companies with over 1,400 employees in more than 120 branches coast to coast.
TorQuest Partners, founded in 2002, is a Canadian-based manager of private equity funds. With more than $700 million of equity capital under management, TorQuest seeks to pursue investments in middle market companies with the goal of building value. TorQuest has investments in consumer products, specialty chemicals, traffic system technology and fuel management system companies.
TorQuest has made a number of previous investments in the insurance and insurance services industries.