Investment to drive organic and inorganic growth into new service offerings, geographies, and customer segments.
NOBLESVILLE, Ind. & TAMPA, Fla – February 12, 2024 – Ryze Claim Solutions (“Ryze” or the “Company”), a full-service claims management business, today announced it has entered a definitive agreement to be recapitalized by Bain Capital Insurance (“Bain Capital”), 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 (MGA) 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 (TPA), 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.
“Ryze’s management has executed their strategic plan very well over the past four years,” said Dowling. “I’m excited to watch the talented management team continue to build a client-centric organization with the many resources Bain Capital’s ownership entails, which is why I am remaining as an investor.”
“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,” said Grippa. “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.”
“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," said Matt Popoli, Global Head of Bain Capital Insurance. “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.”
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.
Bain Capital Insurance was advised by Kirkland & Ellis and Waller Helms. Ryze was advised by McDermott, Will & Emery, and Dowling Hales.
About Ryze Claim Solutions
Ryze Claim Solutions is a national provider of claims services to insurance carriers and managing general agents. Ryze offers full outsourcing solutions over a vast geographic area, including field and virtual adjusting services, third party administration, and dispute resolution. Built on core principles of honesty and integrity, every member of the Ryze team is dedicated to superb service and attention, regardless of the size or complexity of the claim. At RYZE, “Reputations Matter, People Matter, Results Matter.” For more information, go to https://ryzeclaims.com/
About Bain Capital Insurance
Bain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with approximately $180 billion under management across 23 offices on four continents. We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets. Learn more at www.baincapitalinsurance.com
