Crawford & Company® Acquires GAB Robins
(Thomson Reuters ONE) -
Crawford & Company® Acquires GAB Robins
ATLANTA (December 1, 2014) - Crawford & Company today announced that it has
completed the purchase of GAB Robins Holdings UK Limited (GAB Robins), a loss
adjusting and claims management provider headquartered in the UK. The
acquisition of GAB Robins will enable Crawford to significantly expand its
claims handling business across a wide range of product lines in the UK and
bolster its global specialty lines claims services.
"With the acquisition of GAB Robins and the combined expertise of both
companies, Crawford will emerge as the pre-eminent service provider in the
claims management arena. Our shared strong client focus, global and local
strengths will help deliver a richer and more comprehensive service offering,
enhancing the Company's future growth and performance," said Jeffrey T. Bowman,
president and chief executive officer, Crawford & Company. "GAB Robins brings to
Crawford a wide portfolio of products, qualified technical experts, an
established client base, and a record of financial success. Its in-house
expertise will contribute greatly towards expanding Crawford's existing product
lines, particularly in the specialist Aviation sector."
Crawford acquired 100% of the shares of GAB Robins in a deal worth £45.8 million
(US$73.3 million). Revenues for the year ended December 31, 2013 for GAB Robins
were £68.6 million (US$91.1 million). Crawford expects that the transaction will
be relatively neutral to slightly negative in terms of earnings accretion in the
first year, as the benefits are expected to be offset by integration costs
during 2015. However, Crawford expects the acquisition to be accretive in the
second year and beyond, adding in excess of $0.15 in diluted earnings per share
annually.
Previously, GAB Robins was majority owned and controlled by its senior
management team. GAB Robins delivers loss adjusting and claims management
services to clients across the property, casualty, construction, marine and
aviation insurance sectors. It employs approximately 600 staff in the UK. GAB
Robins counts a large percentage of the major UK composite insurers among its
clients, as well as Lloyd's Underwriters, niche UK underwriters, overseas
insurers operating out of London and prominent international corporations with
global claims programs managed from the UK.
Bowman added, "We are very fortunate to have a diverse base of exceptional
talent within both Crawford and GAB Robins. Combining their resources with the
global strength and security of Crawford, we have a winning formula for growth.
We expect to run both businesses separately as we finalize plans for integration
in 2015. Once integration is complete, the new combined leadership team will be
ideally placed to drive the combined business to new success."
The leadership team will consist of the following executives:
* Kieran Rigby, currently chief executive officer, GAB Robins, will be
appointed head of Global Markets for Crawford. He will be responsible for
key strategic and global client relationships.
* Current Crawford UK & Ireland Chief Executive Officer Greg Gladwell and GAB
Robins Chief Operating Officer Mike Jones will jointly run the new enlarged
UK business, with Jones having responsibility for Global Technical Services
UK. Both will report to Ian Muress, chief executive officer, Europe, Middle
East, Africa & Asia Pacific.
Muress commented, "We are delighted to welcome the GAB Robins business into the
Crawford organization. As we integrate the businesses next year, the merged UK
capability will create a step-change in service delivery in what we see as the
world's most dynamic insurance market. The strength of the combined management
team is unrivalled and represents an exciting opportunity to further develop our
plans for growth."
Kieran Rigby said, "GAB Robins has always focused on quality and service,
ensuring that our clients are served by highly experienced professionals. By
joining with Crawford, we combine our strengths to create a compelling loss
adjusting and claims management option for clients across the globe. Culturally,
we are of a like mind in terms of how we approach superior client service and
how we view the evolving needs of the marketplace."
About GAB Robins
GAB Robins is a long-established loss adjusting and claims management company
headquartered in the UK. It is engaged in providing a full range of claims
handling and fulfilment activities across all lines of business. GAB Robins
works with all of the major UK insurance companies, a wide range of London
market and Lloyds Underwriters and an array of blue chip international corporate
clients.
Working alongside a network of international associates, which supplements its
Global Markets team, GAB Robins delivers claims services to clients around the
globe. In addition, its specialist Aviation claims company provides services to
that sector from offices and associates established across Europe and the
Americas. The business employs some 600 people and is an owner-managed
enterprise led by a team of experienced professionals.
About Crawford
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is the
world's largest independent provider of claims management solutions to the risk
management and insurance industry as well as self-insured entities, with an
expansive global network serving clients in more than 70 countries. The Crawford
Solution(TM) offers comprehensive, integrated claims services, business process
outsourcing and consulting services for major product lines including property
and casualty claims management, workers compensation claims and medical
management, and legal settlement administration. The Company's shares are traded
on the NYSE under the symbols CRDA and CRDB.
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|This press release contains forward-looking statements, including statements |
|about the financial condition, results of operations and earnings outlook of |
|Crawford & Company. Statements, both qualitative and quantitative, that are |
|not historical facts may be "forward-looking statements" as defined in the |
|Private Securities Litigation Reform Act of 1995 and other federal securities |
|laws. Forward-looking statements involve a number of risks and uncertainties |
|that could cause actual results to differ materially from historical |
|experience or Crawford & Company's present expectations. Accordingly, no one |
|should place undue reliance on forward-looking statements, which speak only as|
|of the date on which they are made. Crawford & Company does not undertake to |
|update forward-looking statements to reflect the impact of circumstances or |
|events that may arise or not arise after the date the forward-looking |
|statements are made. For further information regarding Crawford & Company, |
|including factors that could cause our actual financial condition, results or |
|earnings to differ from those described in any forward-looking statements, |
|please read Crawford & Company's reports filed with the SEC and available at |
|www.sec.gov or in the Investor Relations section of Crawford & Company's |
|website at www.crawfordandcompany.com. |
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# # #
For more information, please contact:
+--------------------------------------+------------------------------------+
|John L'Abate, Public Relations Manager|Lynn Cufley, Communications Director|
|+1 404 300 1908 (office) |+44 (0) 207 265 4067 (office) |
|+1 404 226 2931 (mobile) |+44 (0) 7585 901936 (mobile) |
|jwlaba(at)us.crawco.com |lynn.cufley(at)crawco.co.uk |
| | |
+--------------------------------------+------------------------------------+
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Source: Crawford & Company via GlobeNewswire
[HUG#1875477]
Unternehmensinformation / Kurzprofil:
Datum: 01.12.2014 - 13:00 Uhr
Sprache: Deutsch
News-ID 356232
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