GTCR, a leading private equity firm, announced on Thursday that it has closed the acquisition of Florida’s Global Claims Services (“GCS” or the “Company”).
Headquartered in Jacksonville, GCS is a leading insurance technology company that leverages its proprietary databases and custom applications to provide critical cost containment solutions to the P&C insurance industry. At part of the transaction, GTRC, Chicago-based equity firm equity firm focused on investing in growth companies in areas such as finance, healthcare, and telecommunications, stated that they will partner with CEO Bob Logan and the current management team at GCS as they continue to grow the business and expand the Company’s suite of technology-enabled, data-driven solutions for the insurance industry.
“Bob and the GCS team have developed and scaled a number of unique technologies that have become mission critical tools in the insurance industry,” said GTCR Managing Director Aaron Cohen. “We look forward to being partners with the GCS team and accelerating their growth through acquisitions.”
Founded in 1993, GCS’s InsurTech solutions provide insurance carriers with accurate, rapid, independent assessments of the replacement value and feasibility of repairing damaged building materials. The Company’s mobile-first products and comprehensive databases provide insurance companies with the decision support tools to achieve optimal outcomes for property claims. The Company serves all of the top 100 carriers in the U.S. and the top 30 carriers in Canada.
“GCS is excited to partner with GTCR. We look forward to continuing to support our insurance carrier partners while expanding our product offering through innovation and acquisitions,” said Logan. “GTCR brings unique resources and experience in building industry-leading companies and expects to commit significant additional capital to fund growth.”
“GCS’s proprietary technology and related services create a strong customer value proposition which sets the Company apart. We are excited to partner with Bob and the GCS team as we support them in their next phase of expansion, added David Donnini, Managing Director at GTCR.