Hancock Claims Consultants Holdings, LLC (“Hancock”), a leading property and casualty inspection business, today announced that it has entered into an agreement with Century Equity Partners (“Century”) pursuant to which Century becomes the new majority owner of Hancock.
Brad Hancock, the founder and CEO of Hancock Claims, replied, “The entire Hancock Team is excited about the opportunity to partner and grow with such a private equity company who shares our vision and strategy for growth and diversification. We retain a significant ownership position and look forward to the opportunities with our Carrier partners and Customers as the result of having access to significant capital and the resources of Century. We anticipate substantially increasing the size of our field resources to better serve our carrier partners and further reduce the cycle time of their claims processing. In addition, we have identified several related acquisition opportunities to support our carrier partners with enhanced services to increase their efficiency and effectiveness with their homeowners and customers.”
For the reasons above, Keith Roux, a Principal of Century Equity said, “We feel that Century is uniquely well-positioned to help accelerate Hancock’s already impressive growth trajectory. Furthermore, we believe Hancock represents a compelling investment opportunity given the fundamental changes occurring in the P&C claims industry as it relates to carriers focusing on lowering loss adjusting expenses and optimizing their staff resources.” Century has direct and highly relevant experience in the insurance claims sector that they will leverage to position themselves as a strategic resource to the Hancock management team. More specifically, they have made investments in the following market-leading, insurance claims-focused businesses: BrightClaim (diversified P&C adjusting and inspection services), Colonial Claims (flood adjusting for NFIP and WYO participants), Rimkus Consulting (complex claims and forensic engineering services), and Torrent Technologies (provider of administration and claims handling solutions to the flood insurance industry).
Waller Helms Advisors served as the exclusive financial advisor to Hancock and Alston & Bird served as Hancock’s counsel. Kirkland & Ellis served as legal counsel to Century.