Charles Taylor plc announced today that it has acquired CEGA Group (CEGA), a specialist provider of technical medical assistance and travel claims management services. The acquisition will enable Charles Taylor to offer new services to its clients and to establish deeper relationships with global insurers. It will strengthen CEGA’s position in the UK market and enable CEGA to realise its ambitions to grow in international markets.
CEGA is a market-leading provider of medical assistance and travel claims management services to insurers. It provides a high-quality, seamlessly integrated end-to-end service, which combines medical assistance with claims and case management, pre-travel advice, medical screening and corporate travel contingency planning.
CEGA is an excellent fit with Charles Taylor. It brings additional technical, high value-add services to the Group which complement Charles Taylor’s existing capabilities. CEGA has long-standing relationships with large, high profile insurers, some of which are new to Charles Taylor, and these offer the opportunity to cross-sell the Group’s other professional services. In addition, Charles Taylor’s businesses and its major clients regularly use medical assistance services. This means the Group is well-positioned to support CEGA’s long-term growth.
CEGA will continue to be run by its current management team. Alistair Hardie, CEGA’s CEO, will report to David Marock, Charles Taylor’s Group CEO and will join the Group’s Executive Committee. CEGA’s clients will continue to be served by their existing teams, and will benefit from Charles Taylor’s financial strength, its operational and technological capabilities, the breadth and depth of its client relationships and its global reach.
The transaction marks an important step forward in Charles Taylor’s business strategy to grow by developing new professional services lines, which are closely-related to its core business, through targeted acquisitions. It forms part of the Group’s overall business strategy of delivering growth organically and through investments.
Liberum advised Charles Taylor on the transaction. CEGA was advised by Meridian Corporate Finance.
David Marock, Group Chief Executive Officer, Charles Taylor said:
"The acquisition of CEGA opens another exciting chapter in the growth and development of Charles Taylor. CEGA is one of the UK’s leading providers of travel assistance services and works closely with major insurers which form an important part of our client base. The acquisition will enable us to further deepen and develop these important relationships.
The services of our two businesses are highly complementary and the acquisition adds to the wide range of technical insurance services offered by Charles Taylor. We can see significant opportunities for profitable joint-working. We have client relationships across the global insurance and industrial markets, which mean that we will be able to support CEGA’s continued growth. We will also be able to offer new high-value medical assistance and claims management services to our existing clients.”
Alistair Hardie, Chief Executive Officer, CEGA Group, said:
““I am delighted that CEGA has become a member of the Charles Taylor Group. CEGA has built a market-leading range of services including international assistance, medical transfers, claims management and pre-travel consultancy. As part of the Charles Taylor Group we will have access to resources, expertise and global networks to realise our ambitions to drive growth and develop new markets for our services, and importantly further improve the competitiveness of our core proposition for our existing insurer and corporate clients.”
Notes to Editors
About Charles Taylor plc www.ctplc.com
Charles Taylor plc is a leading provider of professional services to clients across the global insurance market. The Group has been providing services since 1884 and today employs over 1,300 staff in 69 offices spread across 28 countries in the UK, the Americas, Asia Pacific, Europe, the Middle East and Africa.
The Group offers services, principally on a fee-based model and operates through three businesses – Management, Adjusting and Insurance Support Services. Charles Taylor also owns insurers, creating value through select acquisitions and operational efficiency.
About CEGA Group http://www.cegagroup.com
CEGA Group is one of the leading independent providers of global risk management, emergency assistance and claims management services. CEGA provides services to a blue-chip client base that includes many of the world's leading banks, insurance companies, government departments and other global brands.
An innovative travel risk management programme - INtrinsic - has been launched for insurers and organisations sending employees abroad, providing a full range of medical and security services via a single contact point.
The INtrinsic programme aims to ensure that companies with employees overseas are able to prepare for the unexpected, to keep staff safe and to reduce travel risk in an emergency abroad. The product of a strategic partnership between CEGA, the global medical assistance and risk management providers, and Solace Global, the security specialists, it comprises comprehensive staff training, travel risk mitigation measures, usable technology, 24/7 response capabilities and post-event evaluation.