Cornell Capital Acquires Hancock Claims Consultants to Boost Growth

Cornell Capital has completed its acquisition of Hancock Claims Consultants, a leading provider of outsourced claims field services to the residential property and casualty insurance market in the United States.

This strategic acquisition aims to escalate Hancock's growth by strengthening its technological capabilities and expanding its service offerings. Cornell Capital plans to make targeted investments that will amplify Hancock's core operations, paving the way for a broader portfolio and increased market presence.

Expansion in a Competitive Marketplace

Founded in 2003, Hancock Claims Consultants operates in 48 states through a network of over 1,000 field technicians. The company has carved out a niche by offering comprehensive claims services like property inspections, damage estimation, and repair coordination. These services enable insurers to streamline claims processing, supporting the policyholder experience efficiently.

Hancock's capabilities include both exterior and interior property inspections, contents valuations, and damage assessments. The company also offers specialized repair services through its Hancock Repair Network, which includes managed repair, water mitigation, tree removal, and engineering services. This diversified service offering is a significant advantage, especially during peak claims periods when speed and efficiency are critical.

Cornell Capital's Investment Strategy

The acquisition underscores Cornell Capital's broader strategy of investing in financial services and tech-driven business models. The firm plans to leverage Hancock's industry relationships to develop its national platform further. Emphasizing technology, Cornell Capital aims to enhance Hancock's proprietary systems to boost operational efficiency, streamline property inspections, and facilitate more informed claims decisions.

Further investments are planned to broaden Hancock's range of services, enabling more comprehensive offerings to current and new clients. Strategic acquisitions will support the expansion of Hancock's technical expertise, geography, and service portfolio.

Leadership and Transition

Hancock's founder and chairman, Brad Hancock, will continue in his leadership role, ensuring stability during this transition. His continued involvement is expected to maintain the company's trajectory towards expansion and innovation in collaboration with Cornell Capital.

The acquisition aligns with Cornell Capital’s goal of positioning itself within the insurance ecosystem, capitalizing on Hancock's established market position and sector expertise.

Advisory and Future Outlook

• Financial guidance for Hancock provided by Piper Sandler and Baird.
• Legal counsel from Kirkland & Ellis LLP.
• Cornell's advisors: William Blair (financial) and Davis Polk & Wardwell LLP (legal).

This acquisition not only represents growth potential for Hancock Claims Consultants but also signals Cornell Capital’s commitment to enhancing capabilities within the insurance claims services sector. The financial infusion and strategic direction promise to extend Hancock’s market reach and service offerings.