Sedgwick has completed its purchase of York Risk Services Group, a provider of claims administration, managed care, specialised loss adjusting, pool administration and loss control solutions.
The acquisition brings to Sedgwick approximately 5,000 professionals from York serving a variety of clients, including corporations, the insurance industry and public entities.
As part of the transaction, entities controlled by Onex Corporation, an investment manager that owned York, are rolling their equity into the combined business and join Sedgwick’s shareholder group as a minority investor.
Sedgwick president and CEO Dave North said: “Joining forces with York enhances Sedgwick’s position as a global industry leader. Together, we’ll have the capacity to support more customers in times of need.”
Thomas Warsop, chairman and CEO of York, added: “Integrating our two companies’ expertise and capabilities will enhance our service offerings, bring us into new markets, and present exciting growth opportunities for our talented colleagues. This union is great news for the industry and all our valued stakeholders.”
Last April, Sedgwick also acquired claims management and risk solutions firm Cunningham Lindsey.
