Worley Claims Services, which is backed by Aquiline Capital Partners, said Thursday it has agreed to buy NCA Group Inc. Financial terms weren’t announced. NCA Group provides daily and catastrophe residential and commercial property claims services throughout North America. StoneRidge Advisors LLC acted as financial advisor to NCA.
HAMMOND, La. & FISHERS, Ind.–(BUSINESS WIRE)–Worley Claims Services (“Worley”), a recognized leader in insurance claims services in the United States, has announced the signing of a definitive agreement to acquire NCA Group, Inc. (“NCA”), a national provider of daily and catastrophe residential and commercial property claims services throughout North America.
The transaction creates a market-leading diversified claims services company, differentiated by its unparalleled ability to mobilize one of the largest adjuster networks in the United States for both daily and catastrophe claims events and provide an extensive range of claims-related services for its customers in all personal, commercial, environmental, and government markets. Aquiline Capital Partners, a New York-based private equity firm investing in financial services, acquired a majority stake in Worley last October.
“The combination of Worley and NCA is truly exciting and creates a powerhouse that delivers a superior experience for our customers and enormous opportunities for our employees,” said Jim Pearl, President of NCA. “By expanding our collective capabilities and resources, our ability to attract the best talent, invest in our technology, and develop new products for our customers across the full range of their claims needs, is stronger than it has ever been.”
“This is a transformational transaction for Worley and broadens our leadership position in comprehensive catastrophe management services to now include more daily and commercial capabilities, both areas that are strategically important to our growth,” said Allen Carpenter, President and Chief Operating Officer of Worley. “There’s a strong cultural fit between the firms, both known to be leaders in the industry for consistency, quality, innovation, and professionalism, and we look forward to building out and strengthening the combined platform.”
NCA will maintain its independent operations within Worley and the senior management teams will actively collaborate to maximize the advantages of the combined platform for the entire client, adjuster, and employee bases. Michael Worley will remain Chief Executive Officer of the combined company, and Allen Carpenter and Jim Pearl will run day-to-day operations as Co-Presidents.
StoneRidge Advisors, LLC acted as financial advisor to NCA.
About Worley Claims Services
Worley, based in Hammond, Louisiana, is one of the largest independent providers of insurance-adjustment management and services in the United States. Since 1976, Worley has consistently aided in balancing claims, recovering costs and overseeing public relations following natural and man-made environmental events. Worley provides property, auto, personal lines, and casualty claims adjustment and related services to national and regional insurance companies as well as commercial clients and clients in the federal/state government sector.
About NCA Group
NCA Group was incorporated in 1984 as a provider of insurance claims services, specializing in residential and commercial property claims management throughout the United States, Canada and the Caribbean. NCA Group’s claims services platform is comprised of dedicated units for Daily Claims, Catastrophe Claims, Commercial/Complex/Large Loss Claims, Third Party Administration, and Temporary Staffing Solutions.
About Aquiline Capital Partners LLC
Aquiline 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. 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 who use their operating experience and 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.