Fidelity National Financial, a provider of title insurance, specialty insurance, claims management services and information services, has sold approximately 20% of its ownership stake in the parent company of Sedgwick Claims Management Services to UnitedHealth Group.
UnitedHealth Group has also purchased pro rata ownership shares from Thomas Lee Partners, Evercore Partners and David North, the other existing minority shareholders of Sedgwick CMS.
Following this purchase, UnitedHealth Group will own approximately 20% of Sedgwick CMS (Sedgwick Claims Management Services), and Fidelity National Financial will own approximately 32% of Sedgwick CMS. Financial terms of the sale were not disclosed.
William Foley, II, chairman of Fidelity National Financial, said: We are pleased to generate liquidity and create value for our shareholders, and we are excited about the value that UnitedHealth Group can bring to Sedgwick CMS in medical management and cost management strategies for occupational health programs and through the extension of the existing relationship between the two companies in the integrated serving of employer-sponsored disability, group medical, workers’ compensation and leave and absence programs.