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September 1, 2005
REM Customers, Brokers and Colleagues
Subject: Claims Management Group Limited (CMGL)
Zurich Financial Services Group (Zurich) has announced that it has sold 100% of the share capital of CMGL to Sovereign Capital Partners LLP (Sovereign) and the management of CMGL. It was further announced that CMGL will continue to manage insurance and reinsurance portfolios on behalf of Zurich.
Separately, CMGL and Sovereign announced that the company will remain under the control of the existing management team and that no strategic or operational changes will be made as a result of the transaction, although both Sovereign and CMGL management expect the group to expand its services to customers.
CMGL has long been a close affiliate of U.S.-based REM, providing services in Europe and Australia to joint customers. In discussing the sale of CMGL, REM’s President and CEO Mike Riney said, “CMGL has long been a critical player in REM’s international and global service offerings. We have jointly developed and delivered superior claims and information solutions to customers, which both companies have committed to continuing in a strategic alliance. We congratulate CMGL and Sovereign, and look forward to continuing our teamwork with CMGL to provide integrated and seamless services to our global Risk Management, insurance and reinsurance customers.”
Jerry McArthur, Managing Director, CMGL, said “Sovereign Capital has invested in CMGL because they believe we are the best service provider in our markets and we have been able to demonstrate a consistent track record of growth and success. We intend to accelerate our growth and remain totally committed to the global Risk Management market through a strategic alliance with REM. With shared philosophies of loss cost management and extraordinary customer service, this alliance enables growth of both CMGL and REM, and will result in uninterrupted service to current customers.”
For further information, contact:
Matt Craig, Senior VP, Business Development
(609) 495-0020
matthew.craig@remltd.com
or
Mike Riney, President and CEO
(609) 495-0016
michael.riney@remltd.com
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