AXIS sells its specialist adjusting business for undisclosed sum
Axis International Loss Adjusters and Surveyors has sold its North American specialist adjusting business to York Specialized Loss Adjusting, a division of York Insurance Services Group, for an undisclosed sum.
York SLA has acquired the complete US operation, which provides claims adjusting services primarily to the commercial property, construction and energy sectors, as well as other niche areas. The business, which operates from seven existing bases in Austin, Boston, Dallas, Hartford, Houston, San Antonio and in East Texas/Louisiana, becomes part of York SLA. Axis regional director William Latta becomes managing director. The acquisition excludes Axis Miami office.
The acquisition brings together two businesses that share an established business ethos for the highest quality service and expertise in the delivery of adjusting niche and large end losses.
David Jamison, cairman and chief executive officer, said: “This deal makes great business and strategic sense to both companies. Our shared focus alone makes the US operation an excellent fit in every respect. Axis will now continue its focus on strengthening and growing the scale and scope of the international business.”
William Latta, managing director, York SLA and former Axis regional director in the US added: “We see a huge amount of synergy between ourselves and York. This is a great opportunity for our people to further enhance their skills and expertise with a company that shares our culture and has the appetite and ability to grow to fully optimise the opportunities for specialist adjusting services.”
Danny Miller, senior vice-president of York Specialized Loss Adjusting, said: “The Axis business has already established a good reputation in the market and we see significant potential to build on this further and increase our foothold in the US specialist adjusting market.
“But the acquisition has also created an important strategic partnership between the two businesses. We are looking forward to working with Axis to utilise their international reach and experience for our clients.”
An important aspect of the strategic alliance will be Axis’s role as a business development partner for York’s US adjusting business in the London market. Axis also will have access to York’s enhanced loss adjusting services in the US for its international clients.
Axis recently acquired an interest in Middle Eastern adjusting firm Global Adjusters, now Axis International – Middle East, as part of its strategy to strengthen its global presence.
