Claims services provider to join Glencoe Group individual risk unit
RenaissanceRe Holdings has announced that its indirect wholly-owned subsidiary, Glencoe Group Claims Management Inc, has acquired the assets of Claims Management Services (CMS), a privately-held provider of claims administration, adjustment and consulting services.
CMS has provided third party administrative services to the insurance company subsidiaries of Glencoe Group Holdings Ltd, RenaissanceRe’s Individual Risk unit, on an outsourced basis since 2005. Terms of the transaction were not disclosed.
“Extending the capabilities of our individual risk companies while maintaining our reputation for high quality client service is a key priority for our company,” said Neill Currie, president and chief executive officer.
William Ashley, president and chief executive officer of the Glencoe Group, said, “CMS will operate as an internal claims unit handling many of the claims for the insurance companies that are part of our U.S. operations. CMS has been an excellent business partner over the past several years and has some of the best claims adjusters in the business. We look forward to welcoming the CMS team as our colleagues. Our transaction with CMS furthers our strategic plan to balance owning important capabilities with outsourcing.”