Ladies & Gentlemen:
We are pleased to announce today that Cunningham Lindsey has entered into a definitive agreement to purchase GAB Robins’ international businesses (excluding its UK operations) and their U.S. forensic engineering firm, EFI Global. This acquisition will further Cunningham Lindsey’s position as a leading provider of loss adjusting and claims management services to the global insurance markets.
The combined strength of these international organizations including Cunningham Lindsey’s market leading position in their existing markets including the United States, UK, Canada, Europe, the Middle-East, India and Asia together with GAB Robins’ leading positions in Australia, New Zealand, Ireland, South Africa, Asia and the Middle East, and EFI Global establishes the most expansive geographic platform in the industry with over 600 offices and 5,600 employees in more than 70 countries.
Collectively, the operations of Cunningham Lindsey, GAB Robins International (excluding its UK operations), and EFI Global are complementary with minimal overlap in their geographic, operational, and client base. The synergies achieved from this new enterprise offer significant strategic, operational and financial benefits that will translate into expanded service capability, expertise, and leadership positions in all major regions of the world, including the fast growing economies of China and India.
The substantial operational scale of the combined company will further enhance the high level of service afforded to its global client base of insurers, brokers, and international corporations and optimally positions Cunningham Lindsey to be the provider of choice for large multi-national accounts and major insurance carriers who are seeking a consistent global service.
This combination of the second and third worldwide loss adjusting firms significantly enhances the capability to handle claims at all levels of complexity from personal lines through multi-disciplined large losses with the leading major loss adjusting teams within Cunningham Lindsey International.
The executive management of Cunningham Lindsey, GAB Robins’ acquired companies and EFI Global are enthusiastic about the opportunities that the new ownership and greater operational scale will present. These operating units will continue to meet their customers’ service expectations in each country through their global account managers, claims adjusters and experts ensuring business continuity throughout the organizations.
Based in Houston, EFI Global is a full-service forensic engineering, fire investigation, environmental and specialty consulting services firm serving commercial, industrial, institutional, insurance, government, public and private entities. For more than 30 years, EFI Global has helped clients manage risk with forensic analyses, defendable loss evaluations, and strategic environmental solutions. The addition of EFI Global will greatly reinforce Cunningham Lindsey’s current product offerings as a global risk management service provider.
The new company will operate under the Cunningham Lindsey brand identity. Cunningham Lindsey is owned by Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC, a leading private equity firm specializing in the global insurance and financial services sectors, Fairfax Financial Holdings, a financial services holding company engaged in property and casualty insurance and reinsurance and investment, and management. Stone Point Capital acquired its interest in Cunningham Lindsey in December 2007. Charles A. Davis, the CEO of Stone Point Capital, said: ”We are excited about Cunningham Lindsey’s acquisition of these attractive segments of the GAB Robins Group. We have been impressed with the track record of successful growth and innovation embodied by this group of companies. We welcome GAB Robins and EFI Global management as partners in the combined business.”
Philippe Bès, formerly President of the international operations of GAB Robins, has been appointed as Chief Executive Officer of the Cunningham Lindsey Group. Mr. Bès said: “Cunningham Lindsey’s shareholders, Stone Point Capital and Fairfax Financial, see the strategic benefit of merging selected businesses of GAB Robins with Cunningham Lindsey to create an international business with truly significant scale and expanded global reach. I look forward to leading the combination of two businesses with such impressive histories and reputations under the Cunningham Lindsey brand. This merger will provide our customers with expanded service capabilities and expertise while presenting employees of both companies with enhanced opportunities.”
Cunningham Lindsey is owned by Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC, a leading private equity firm specializing in the global insurance and financial services sectors, Fairfax Financial Holdings, a financial services holding company engaged in property and casualty insurance and reinsurance and investment, and management. Stone Point Capital acquired its interest in Cunningham Lindsey in December 2007. Charles A. Davis, the CEO of Stone Point Capital, said: ”We are excited about Cunningham Lindsey’s acquisition of these attractive segments of the GAB Robins Group. We have been impressed with the track record of successful growth and innovation embodied by this group of companies. We welcome GAB Robins and EFI Global management as partners in the combined business.”
Brera Capital Partners LLC will continue to own loss adjusting businesses of GAB Robins in the United Kingdom and the United States as well as third party administration operations in the United States.
Both Cunningham Lindsey and GAB Robins’ international operations have a history of relying on what we regard as strong local management teams within each operating company. This successful approach will be continued and embraced in the new organization as management believes that it provides clients with an optimal mix of global services and local expertise. We will continue to regularly inform our clients on the progress made with the integration of our operating units.
Should you have any related questions or concerns over this transactions, please feel free to contact me, your applicable Account Executive or nay member of our Management Team.
Best regards,
David J. Repinski
President & Chief Executive Officer
Cunningham Lindsey U.S., Inc.
P.O. Box 703689
Dallas, TX 75370-3689
direct dial - 214.488.6713
main office - 214.488.5139
efax - 866.895.1033
cell - 813.765.1633