Tennessee-based Sedgwick Claims Management Services (Sedgwick CMS) has acquired Specialty Risk Services (SRS) from The Hartford Financial Services Group, for $278m.

This acquisition will add the people, business resources and alternative market presence of SRS, which provides claims and risk management services to self-insured and insured clients.

Similarly, the acquisition reinforces Sedgwick CMS’s position as an independent North American provider of claims administration services.

Together Sedgwick CMS and SRS will offer the combined expertise of nearly 8,500 professionals and expected to generate an annualized revenue base approaching $1bn.

Sedgwick CMS said the operations of the newly acquired Sedgwick CMS affiliate will continue to use the SRS name, for the near future.

Sedgwick CMS president and CEO David North said the company look forward to offering the industry’s broadest platform of customized claims and productivity management solutions.