Privately-owned insurance services provider SCM Insurance Services has announced that it has received a majority investment from funds affiliated with private equity firm Warburg Pincus.
The investment “will provide SCM with access to important capital and strategic resources to continue to invest in and significantly grow its business in Canada and its recent entry into the United States,” a release said.
Morgan Stanley & Co. LLC served as financial advisor to SCM for the transaction. The terms of the transaction were not disclosed.
“Along with our teams of experienced professionals, our market-leading technology, and our extensive data intelligence, this important investment from Warburg Pincus will help SCM implement the next phase of our successful growth strategy and allow us to serve our clients in even more ways and in more places,” said SCM Insurance Services CEO Bob Fitzgerald.
“Through its wide range of market-leading services, the company has already become an attractive one-stop shop for the P&C industry and we see meaningful opportunity to continue investing in and expanding its service lines.”
“We are excited about the future prospects for SCM as it moves to its next phase of growth in partnership with Warburg Pincus,” said TorQuest managing partner Eric Berke. “SCM is another great example of TorQuest partnering with an exceptional founder and management team to support the growth of an industry-leading business.”
“We are also excited for the opportunities that this investment will bring for our staff across North America,” added Fitzgerald. “It will allow us to continue to invest in the right technologies, training and development that makes SCM a great place to work and grow your career.”
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