Business Moves: Coverys, Worley, Guidewire

Coverys announced its acquisition of MRM Group, LLC, a patient safety and risk management solutions company based in Hartford, Conn. The transaction was finalized on July 29, 2016.

MRM Group, formed in 2003, offers a broad range of risk education, consulting and professional services to hospitals, health systems, group practices, GME programs and long-term care facilities nationwide. MRM Group employs a multi-modality approach, which includes specialty-specific, case-based, live and online education. Their cloud-based technology platform provides for simple deployment, management and content delivery across a healthcare enterprise.

MRM Group will maintain its Hartford-based operations, management team and staff, ensuring seamless continuity as it services its nationwide client base.

While the core business of Coverys remains medical professional liability insurance, it has more recently sought out products and services to improve provider risk profiles, reduce malpractice exposures and enhance healthcare quality and safety.

Louisiana-based Worley Claims Services, an insurance claims service provider in North America, announced the acquisition of Fla.-based Nexxus Solutions Group, a managed repair network administrator servicing the property insurance industry in the U.S. and Canada. The transaction marks Worley’s entry into the managed repair business and continues the company’s expansion as a leading provider of claims management solutions throughout the U.S. and Canada. Financial terms of the transaction were not disclosed.

Nexxus provides emergency services for water, fire and smoke, construction, remodeling as well as general repairs on residential and commercial losses. Through its network of over 2,000 contractors and service providers operating in all 50 states and Canada, Nexxus will continue to service the insurance claims industry under the same name. Its leadership team and employees will remain in place.

The agreement with Nexxus is Worley’s fourth acquisition since 2015. In July of 2015, Worley combined with NCA Group, a provider of daily and catastrophe residential and commercial property claims services throughout the U.S. In October of 2015, Worley acquired N.C.-based RJMW Claims Services, a regional provider of daily and catastrophe residential and commercial property claims services. Most recently, in July of 2016, Worley acquired San Jose, Calif.,-based Summit Independent Claim Services, which provides commercial and residential property loss adjusting services.

Aquiline Capital Partners, a New York-based private equity firm investing in financial services, acquired a majority stake in Worley in October of 2014.

Guidewire Software, Inc., a provider of software products to Property/Casualty insurers, and FirstBest Systems, Inc., a provider of an underwriting management system to P/C insurers, announced they have entered into a definitive agreement for Guidewire to acquire FirstBest.

The addition of FirstBest’s technology and people will enable the expansion of the Guidewire Insurance Platform by providing insurers in the U.S. and Canada writing complex commercial, specialty, and workers’ compensation lines greater support for their risk assessment and decision-making processes.

Underwriting management systems, like FirstBest UMS, complement and enhance the submission intake, risk analysis, underwriting process, and collaboration capabilities of policy administration systems. Pairing FirstBest with Guidewire PolicyCenter or other policy admin systems is a natural fit for many commercial insurers.

The transaction is expected to close in approximately four weeks. Guidewire does not expect the acquisition of FirstBest to have a material impact on its financial results for fiscal year 2017.