Shumka acquires CGI’s claims and risk management services

The Shumka Group has acquired the property and casualty insurance claims and risk management services from CGI Group Inc.
The transaction will create the largest independent insurance services company in Canada, according to a Shumka Group release.
Expected to close in early August, the transaction was for an undisclosed amount.
CGI’s claims adjusting and risk management services has approximately Cdn$70 million in revenue, according to a CGI release.
“With this acquisition, we are better positioned to serve our clients with a broader array of professional insurance services,” Larry Shumka, president and CEO of The Shumka Group, said in the release. “This strengthens our existing operations in all parts of the country, particularly Quebec and Ontario. Furthermore, the transaction will result in additional service capacity, which provides greater stability for both our company and our clients.”
The deal provides Shumka with an opportunity to offer an expanded portfolio of insurance related services with the addition of the risk management competencies of the acquired business unit.
“It is important to specify that CGI remains fully committed to the P&C insurance industry through its end-to-end IT services offering,” Michael E. Roach, president and CEO of CGI, said in the CGI release. “As such, we will continue to serve our clients by focusing on information technology and by making significant investments in our intellectual property and in our solutions such as CGI Edge, GIOS and Ratabase.”