Sedgwick completes acquisition of York Risk Services
Sedgwick, the provider of technology-enabled risk, benefits and integrated business solutions, has completed its acquisition of York Risk Services Group.
Sedgwick said York’s customised claims solutions and expertise in managed care, pool administration, loss control and other specialties complemented its own market capabilities.
York employs around 5,000 people, bringing the headcount of the combined group to around 27,000, with a presence in 65 countries. The two groups will be fully integrated into a unified team. An announcement is expected in the coming weeks regarding brand transition plans.
Sedgwick said its top priority remained the programs it administers and it vowed to continue seamlessly providing those services while the businesses are integrated.
Entities controlled by Onex Corporation, the investment manager that owned York, are rolling their equity into the combined business and joining Sedgwick’s shareholder group as minority investors.
Thomas Warsop, chairman and CEO of York, said the merger will enhance the service offerings of both groups and take them into new markets and drive growth. “This union is great news for the industry and for all our valued stakeholders,” he added.