Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has signed an agreement to acquire York Risk Services Group.
Following the close of the transaction, the Sedgwick family will comprise nearly 27,000 colleagues.
York is a premier provider of claims administration, managed care, specialized loss adjusting, pool administration and loss control solutions. It serves a variety of clients, including corporations, the insurance industry and public entities. The company has nearly 5,000 employees in more than 60 offices across the U.S. and a strong international presence.
York offers customized claims solutions and has specialized experience to handle even the most complex claims across all liability lines. Their offerings notably complement Sedgwick’s existing market capabilities.
“Today’s news marks another exciting milestone in our storied 50-year history of growth,” said Sedgwick president and CEO Dave North, referencing the company celebrating its golden anniversary in 2019. “The strategic acquisition of York enhances Sedgwick’s status as a global industry leader.”
“Joining forces with Sedgwick will provide enhanced capabilities for York’s clients and new opportunities for our associates,” said Thomas Warsop, chairman and CEO of York. “It’s great news for all.”
“At Sedgwick, taking care of people is at the heart of everything we do,” North said. “Bringing together the expertise and capabilities of Sedgwick and York will allow us to serve more customers in more places and show an unprecedented number of people how caring counts.”
BofA Merrill Lynch and Morgan Stanley & Co. LLC served as financial advisors to Sedgwick, and Simpson Thacher & Bartlett LLP and Clifford Chance US LLP served as legal advisors. Jefferies LLC and J.P. Morgan Securities LLC served as financial advisors to York, and Fried, Frank, Harris, Shriver & Jacobson LLP served as its legal advisor. BofA Merrill Lynch and Morgan Stanley Senior Funding, Inc. have provided committed debt financing for the transaction.
The closing of the transaction is subject to customary conditions and regulatory approvals. The terms of the agreement were not disclosed.
Source: Company Press Release