Charles Taylor acquires high net worth specialist to expand in UK P&C market
Loss adjusting business Charles Taylor Adjusting (CTA) acquired UK-based Criterion Adjusters, which comprises Criterion Surveyors, a high net worth-focused pre-risk survey business, and Criterion Claims Management, a specialist claims firm.
Charles Taylor said the deal represents part of its strategy to expand its global third party administrator (TPA) capabilities, and grow its presence in specialist property and casualty loss adjusting markets.
Following the transaction, high net worth loss adjuster Criterion will continue to trade under its existing brand name and will be led by its current management team.
Criterion Adjusters’ CEO Chris Monks, and operations director James Long, both join Charles Taylor Adjusting in their existing respective roles and will report to Andrew Jackson, CTA’s managing director of technical and special risks.
"The acquisition is part of our strategy to diversify our loss adjusting business into closely-related, specialist P&C markets," said Damian Ely, chief executive officer of Charles Taylor Adjusting.
"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."
Monks added: "Charles Taylor Adjusting is the ideal home for Criterion Adjusters. 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."
David Marock, group CEO of Charles Taylor, added: "I am excited that Criterion Adjusters has become part of the Charles Taylor Group, bringing new HNW adjusting and surveying capabilities and adding to our growing TPA businesses. We are focused on building a larger, more capable, more profitable professional services business.
"This acquisition marks another important step forward in our strategy to grow by developing new professional service business lines, which are closely-related to our core business, both organically and through carefully targeted acquisitions and investments."
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