Ryze Claim Solutions partners with Bain Capital Insurance
Ryze Claim Solutions, a national provider of claims services to insurance carriers and MGAs, has entered a definitive agreement to be recapitalized by Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.
Following the transaction, Ryze will be majority-owned by Bain Capital Insurance with members of the management team and select individuals, including VJ Dowling, Dave Delaney, and Stuart Myers, retaining a meaningful ownership stake in the business. Ryze will continue to operate under its current management team led by Executive Chairman, Tony Grippa, and President, Scott St. John. Financial terms of the private transaction were not disclosed.
Ryze is a provider of full-service residential and commercial claims management solutions to the insurance carrier, hybrid or fronting carrier, and managing general agent markets. Since its inception in 2014, Ryze has expanded its core residential property loss adjusting services to include desk, end-to-end third-party administration, alternative dispute resolution, lender placed, and virtual solutions, and has diversified its customer base to include the residential property, commercial property, and casualty end-markets. Included under the Ryze umbrella is Certus, which provides TPA claim services to specialty and casualty insurance companies and the MGA market. A fully scalable platform, Ryze is supported by a technology-enabled proprietary system that includes tools that manage a claim’s life cycle from receipt to close.
“We are proud to have built a platform that provides a depth and breadth of services to insurers who are increasingly looking for claim services partners as both the rate and the amount of routine and complex claims rise. We are looking forward to our partnership with Bain Capital, who shares our long-term vision for the continued expansion of our business offerings and thoughtfully growing the Ryze platform through a targeted acquisition effort.” – Tony Grippa.
“As the frequency and severity of weather events persist, insurance carriers and MGAs will seek out highly experienced service partners that allow them to more effectively address the operational and logistical challenges associated with an increasingly complex claims environment. The breadth of Ryze’s service offerings coupled with its demonstrated track record of creating purpose-built solutions in collaboration with insurers positions the company to excel in this evolving market.” – Matt Popoli, Global Head of Bain Capital Insurance.
The transaction is subject to customary approvals and other closing conditions. Debt financing for the transaction is being provided by Apogem Capital and includes a committed facility to support the company’s strategic acquisition growth strategy.