Criterion Adjusters sold to Charles Taylor Adjusting
Insurance loss adjuster Charles Taylor Adjusting (CTA) has acquired BCMS client Criterion Adjusters (Criterion) in a move to enter the high-net worth adjusting market.
CTA said the acquisition would grow its presence in specialist property & casualty loss adjusting markets, alongside its global market leading positions in the aviation, energy and marine loss adjusting markets.
Criterion is a prominent player in the high net worth (HNW) sector and handles a significant share of the UK’s HNW property, fine art and antique-related claims, as well as being the preferred loss adjuster to many specialist HNW insurers.
The HNW sector and its insurers are demanding in terms of both technical knowledge and service standards; this makes Criterion a good fit with CTA, which focuses on higher value, technical work where expertise is valued.
Deal insights
The acquisition includes Criterion Surveyors, a HNW-focused pre-risk survey business, and Criterion Claims Management, a specialist claims third party administrator. The businesses fit well with CTA’s existing risk engineering business and Charles Taylor Group’s moves to extend its global third party capabilities. Criterion is also expected to benefit from Charles Taylor Adjusting’s brand, support functions and international network.
Criterion will continue to trade under its existing well-regarded brand name and will be led by its current management team. Criterion CEO, Chris Monks, and Operations Director, James Long, both join Charles Taylor Adjusting in their existing respective roles. Criterion’s clients will continue to be served by their existing highly experienced loss adjusters, using the same service standards and operating model.
Transaction commentary
At the time of the transaction in 2017, Damian Ely, Chief Executive Officer, Charles Taylor Adjusting, said: “I am delighted to welcome our new colleagues from Criterion to Charles Taylor Adjusting. The acquisition is part of our strategy to diversify our loss adjusting business into closely related, specialist P&C markets. We have established a UK construction and engineering capability which is developing well, we are expanding our UK property and professional indemnity teams and growing our global cyber-liability adjusting capabilities. We are also building our P&C team across the USA and extending our reach across Latin America.”
Chris Monks, Chief Executive Officer, Criterion added: “Charles Taylor Adjusting is the ideal home for Criterion. CTA has a tremendous reputation for delivering specialist, highly technical loss adjusting services which mirror our service and expertise-driven approach. The strength of CTA’s brand, its global network and high-quality technology and support services will give us the structure, support and autonomy to grow our business in the HNW loss adjusting market.”
