Worley, one of the leading claims adjustment service providers in the US, was founded in 1976 and, as Jeff Greenberg, Aquiline’s chief executive explained, has “an impressive track record of efficiently managing claims for its clients after catastrophic events and on a daily basis”.
Michael Worley, the claims firm’s chief executive, said: “Aquiline’s deep understanding of our business and its proven track record across the insurance industry make them our ideal partner.”
“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.”
Following the conclusion of the transaction, Michael Worley and the rest of the company’s management team will be investing alongside Aquiline and own a significant equity interest in the firm.
Aquiline already has a significant portfolio of investments in the re/insurance industry with Equity Red Star, Ark Insurance, Pillar Capital Management and Validus Group just some of those in which the company holds a stake in. The private equity firm also used to hold investments in both the Rod Fox-fronted TigerRisk Partners and The Wright Insurance Group.