Announcement to Press
vrs VeriClaim UK Ltd ("VeriClaim UK") today announced an agreement to acquire the property adjusting assets of Teceris Corporate and Complex Adjusting ("TCCA"), the property loss adjusting business of Capita Group Plc. The acquisition includes the majority of TCCA's management team, and technical and support professionals located in five locations throughout the United Kingdom. It is anticipated that the transaction will close on January 31, 2010.
VeriClaim UK is jointly owned by senior management and VeriClaim, Inc., a global loss adjusting and claims management company based in the U.S. The company, headquartered in London, will be led by Managing Director, Stewart Steel. VeriClaim UK will continue its focus on the resolution of high end, complex and major losses together with the end-to-end management of global, pan-European and national corporate claims programmes.
As many of the technical experts serving its clients are now owners of the business, the new structure re-enforces the company's commitment to cultivating long-term relationships with its customers and providing clients with the highest quality claims resolution and claims management services in the industry.
"This transaction is an exciting development for VeriClaim UK and provides a fantastic springboard to launch our new UK venture," says Steel. "TCCA and VeriClaim adjusters are market-renowned in the corporate and complex arena; the combination of the technical quality of our staff, our financial and market strength, and the global breadth of the vrs organization allows us to develop yet further in our chosen sectors, where we are already a top global player."
"The opportunity to partner with such a high quality management team to build and expand our UK operations was quite unique," said Michael Arbour, chief executive officer of VeriClaim, Inc. "We share a common vision and focus with the UK management team, and the TCCA operations provide us with a tremendous platform to expand our presence in the UK, London and Lloyds markets, markets which we have served for over 90 years."
Adds Joseph Dotoli, chairman of VeriClaim, Inc., "This transaction is consistent with several of our corporate goals, including recruiting, retaining and advancing the brightest claims talent in the industry; providing the highest quality claims service in each of our local markets; and serving as an instrumental part of our clients' risk management success. After many years of working closely with the TCCA team, we are excited about the prospects of building the leading UK loss adjusting business together."
About VeriClaim, Inc.
vrsVeriClaim is a preeminent global loss adjusting and claims management company committed to helping its clients - insurance companies, corporations, public entities, and brokers - manage and control their risk needs around the world. Since 1918, the company has provided its clients with superior claims resolution on the most timely and cost effective basis in the industry.
vrs VeriClaim is a closely held private company based in Chicago, IL. The company employs over 500 technical and support professionals, covering all 50 states in the U.S.
About vrs VeriClaim UK Ltd
VeriClaim UK is a London-based loss adjusting company with a focus on the resolution of high end, complex and major losses together with the end-to-end management of global, pan- European and national corporate claims programmes. Following completion of the TCCA acquisition, the company will have 45 professional staff located in London, Birmingham, Manchester, Leeds and Glasgow.