Cannon Cochran Management Services, Inc. (“CCMSI”) acquired 100% of Vertical Claims Management, LLC (“VCM” or “the Company”) from Birchmere Capital, LP (“Birchmere”) and management. Consideration for the transaction consisted of up-front cash and a one-year earn-out based on new business revenue.
VCM is a specialized, national claims management company focused primarily on providing expert handling of professional liability claims for self-insured healthcare professionals. Based outside Pittsburgh, PA, VCM is headed by a group of insurance and legal veterans experienced in healthcare claims handling. At the time of sale, VCM was the only independent third party administrator focused on the healthcare professional liability market.
For VCM, the transaction offered the opportunity to partner with a company with additional resources to continue to grow and expand. For CCMSI, the transaction provided a new line of business, medical professional liability claims handling capabilities, to its suite of claims services.