Carlyle buys majority Sedgwick stake in $6.7bn deal

Private equity investor Carlyle Group has become the majority shareholder in claims group Sedgwick in a $6.7bn deal.

Carlyle has bought out the stake formerly owned by KKR. Minority shareholders Stone Point Capital and Caisse de Depot et Placement du Quebec, along with Sedgwick management, will retain their holdings.

Globally, Sedgwick handles more than 3.6 million claims and has fiduciary responsibility for claim payments totaling more than $19.5bn. The group completed the acquisition of Cunningham Lindsey in April.

“We look forward to partnering with Carlyle on developing and delivering innovative solutions for our clients around the world,” said Sedgwick president and chief executive Dave North.

Stephen H. Wise, Managing Director and Global Head of Healthcare for The Carlyle Group, said, “Dave North and Sedgwick’s world-class management team have built the company into an industry leader over the last two decades. We are excited to collaborate with Sedgwick, which has distinguished itself by constantly improving the claims management and loss adjusting process to the benefit of all key stakeholders, including its colleagues, customers, insurance companies and brokers.”