Crawford & Company buys Broadspire Services for US$150 million

Crawford & Company (NYSE: CRDA; CRDB) has finalized its US$150-million acquisition of Platinum Equity’s portfolio company, Broadspire Services Inc., a third-party administrator offering an integrated platform of casualty claim and medical management services.
The acquisition is anticipated to more than double Crawford’s revenue from self-insured clients.
“This acquisition strengthens our position in the marketplace and the services we provide to our clients and brokers,” said Thomas W. Crawford, president and CEO of Crawford & Company. “The coupling of these two companies will help lower costs for clients, and offer them more specialized support services.”
Jim Levitas, senior vice president for mergers and acquisitions at Platinum Equity, said Crawford & Company would continue the development of Broadspire Services, which Platinum established as a stand-alone company after acquiring the business in 2003 from Kemper Insurance Companies.
“We have invested a great deal in building Broadspire Services into one of the industry’s premier providers of integrated claims and medical management services,” Levitas said. “We are proud of the company’s strong capabilities and track record, and have a great deal of confidence that Crawford will continue building on Broadspire Services’ success.”
The acquisition of Broadspire Services supports Crawford’s mission of becoming the leading third-party administrator of choice in all segments of the market for casualty claims program administration.
Casualty claims administration encompasses workers’ compensation and auto and general liability exposures for the insured and self-insured marketplace.