Sedgwick CMS and FNF Announce the Acquisition of VPA, Inc.
May 16 2006 - 9:58AM
PR Newswire (US)
MEMPHIS, Tenn. and JACKSONVILLE, Fla., May 16
/PRNewswire-FirstCall/ -- Sedgwick Claims Management Services, Inc.
(Sedgwick CMS), the leading provider of innovative claims and
productivity management solutions, and Fidelity National Financial,
Inc. (NYSE:FNF), along with their partners Thomas H. Lee Partners
and Evercore Capital Partners, today announced that Sedgwick CMS
has acquired VPA, Inc. (VPA), a privately-held Calabasas,
California-based claims services organization specializing in
absence and disability benefit management programs for large
employers. VPA has annual revenue of approximately $20 million. VPA
has built and maintained national business relationships through
its expertise in the design and administration of complex
short-term and long-term disability, family and medical leave and
other customized absence management plans. Established in 1979 with
an initial focus on California State Disability Insurance (SDI)
programs, the firm became well known under the leadership of
industry pioneer Jack Bredehorn (1933 - 2003) for helping clients
reduce absenteeism and control losses. "VPA enjoys an exceptional
reputation for the quality of its services and the technical
expertise of its people," said Sedgwick CMS President and Chief
Executive Officer David A. North. "The strategic fit between the
two organizations will enrich our offerings to clients. VPA's focus
on disability and absence management programs for large employers
will reinforce the fastest growing component of our business, and
their longstanding involvement with self-insured SDI programs will
significantly enhance Sedgwick CMS's capabilities in that area of
specialization. Furthermore, both of our cultures emphasize
commitment to clients and to colleagues. We are very pleased to
welcome the outstanding VPA team to Sedgwick CMS." "We are excited
to add further strategic capabilities to our industry- leading
platform at Sedgwick CMS," said FNF Chairman and Chief Executive
Officer William P. Foley, II. "We have stated goals of seeing
Sedgwick CMS reach a revenue base of $1 billion over the next
eighteen to twenty four months and maximizing the value of Sedgwick
CMS for our shareholders. This acquisition of VPA is another
milestone in our efforts to reach those goals." The VPA
organization will be integrated into Sedgwick CMS and will operate
under the Sedgwick CMS identity. VPA Vice President of Operations
Julie Santen will be vice president and operations manager for the
new Sedgwick CMS office in Calabasas. Sedgwick Claims Management
Services, Inc. is the leading provider of innovative claims and
productivity management solutions. Sedgwick CMS delivers
cost-effective claims administration, managed care, program
management and related services to major employers through the
expertise of 4,500 colleagues in more than eighty offices in the
U.S. and Canada. The company specializes in workers' compensation;
disability, FMLA and other employee absence; and general,
automobile and professional liability claims services. Sedgwick CMS
designs and implements customized programs based on proven
practices that meet client needs. For more see
http://www.sedgwickcms.com/. Fidelity National Financial, Inc.
(NYSE:FNF), number 248 on the Fortune 500, is a provider of
outsourced products and services to a variety of industries.
Through its majority-owned, publicly-traded subsidiary, Fidelity
National Title Group, Inc. (NYSE:FNT), FNF is the nation's largest
title insurance company, with nearly 31 percent national market
share. Through its majority-owned, publicly-traded subsidiary,
Fidelity National Information Services, Inc. (NYSE:FIS), FNF
provides an industry leading suite of data processing, payment and
risk management services to financial institutions and retailers.
Through its wholly-owned subsidiaries, FNF is also a leading
provider of specialty insurance products, including flood
insurance, homeowners insurance and home warranty insurance.
Through its minority-owned subsidiary, Sedgwick CMS, FNF is a
leading provider of outsourced insurance claims management services
to large corporate and public sector entities. More information
about the FNF family of companies can be found at
http://www.fnf.com/, http://www.fntg.com/ and
http://www.fidelityinfoservices.com/ and
http://www.sedgwickcms.com/. This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Statements that are not historical facts, including
statements about FNF's beliefs and expectations, are
forward-looking statements. Forward-looking statements are based on
FNF management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future economic
performance and are not statements of fact, actual results may
differ materially from those projected. FNF undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The risks
and uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business and political conditions, including changes in the
financial markets; adverse changes in the level of real estate
activity, which may be caused by, among other things, high or
increasing interest rates, a limited supply of mortgage funding or
a weak U.S. economy; FNF's potential inability to find suitable
acquisition candidates, acquisitions in lines of business that will
not necessarily be limited to its traditional areas of focus, or
difficulties in integrating acquisitions; FNF's dependence on
operating subsidiaries as a source of cash flow; significant
competition that FNF's operating subsidiaries face; compliance with
extensive government regulation of FNF's operating subsidiaries;
and other risks detailed in the "Statement Regarding
Forward-Looking Information," "Risk Factors" and other sections of
FNF's Form 10-K and other filings with the Securities and Exchange
Commission. Contacts: Sedgwick CMS - Frank J. Huffman, Senior Vice
President, Corporate Communications, (901) 415-7548, ; FNF - Daniel
Kennedy Murphy, Senior Vice President, Finance and Investor
Relations, 904-854-8120, DATASOURCE: Sedgwick Claims Management
Services, Inc.; Fidelity National CONTACT: Frank J. Huffman, Senior
Vice President, Corporate Communications of Sedgwick CMS,
+1-901-415-7548, or ; or Daniel Kennedy Murphy, Senior Vice
President, Finance and Investor Relations of FNF, +1-904-854-8120,
or Web site: http://www.sedgwickcms.com/ http://www.fnf.com/
http://www.fntg.com/ http://www.fidelityinfoservices.com/
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