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Aquiline Capital Partners to Acquire Majority Stake in Worley Claims Services

10/9/2014

 

NEW YORK and HAMMOND, La., Oct. 9, 2014 /PRNewswire/ -- Aquiline Capital Partners LLC ("Aquiline"), a New York-based private equity firm investing in financial services, today announced a definitive agreement to acquire a majority stake in Worley Claims Services ("Worley"), one of the largest independent providers of claims adjustment and related services in the United States. Since its founding in 1976, Worley has been nationally recognized for its expertise in adjusting claims, recovering costs and overseeing public relations following natural and man-made environmental events.

 

""Worley has established a leading platform in claims administration and an impressive track record of efficiently managing claims for its clients after catastrophic events and on a daily basis," said Jeff Greenberg, Chief Executive of Aquiline. "We are excited to be partnering with the Worley team and supporting the company through the next phase of its development."

 

""Aquiline's deep understanding of our business and its proven track record across the insurance industry make them our ideal partner," said Michael Worley, Chief Executive Officer of Worley. "We are extremely appreciative of our former shareholders, Seaport Capital and Advantage Capital, and we are excited to engage with Aquiline to pursue opportunities to further strengthen and expand our client value proposition." Mr. Worley and the management team will be investing alongside Aquiline and own a significant equity interest in the company.

 

"Seaport Capital wishes Mike Worley, the employees and the company continued success," said Bob Tamashunas, Partner at Seaport Capital. "We've thoroughly enjoyed our six-year partnership and working with management to execute their vision to make Worley one of the leading insurance claims adjusting firms in the United States."

 

The transaction, the terms of which were not disclosed, is subject to customary closing conditions. William Blair & Company acted as the exclusive financial advisor to Worley, Seaport and Advantage, and Stoneridge Advisors, LLC acted as financial advisor to Aquiline.

 

Aquiline is a private equity firm based in New York investing in financial services enterprises in industries such as property and casualty insurance, banking, securities, asset management, life insurance and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational and financial guidance.

 

Worley, based in Hammond, Louisiana, is one of the largest independent providers of insurance-adjustment management and services in the United States. Since 1976, Worley has consistently aided in balancing claims, recovering costs and overseeing public relations following natural and man-made environmental events. Worley provides property, auto, personal lines, and casualty claims adjustment and related services to national and regional insurance companies as well as commercial clients and clients in the federal/state government sector..

 

StoneRidge Advisors, LLC acted as the sole financial advisor to Aquiline Capital Partners on the transaction.

 

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