Modern Holdings Announces Acquisition of Majority Interest in Specialty Claims Management, LLC
july 19, 2010
July, 2010 - Modern Holdings has acquired a majority interest in Specialty Claims Management, LLC (SCM), a Secaucus, New Jersey-based third party administrator that provides a full array of customized insurance claims and risk management services for insurers, reinsurers, and self-insureds in the property and casualty sector.
In addition to the Secaucus office, SCM has facilities in St. Louis, Atlanta, and two offices in California - Lake Forest and Laguna Hills, providing a wide range of services, including claims management, consulting services, litigation management, mediation, and subrogation services for over 50 clients throughout the United States.
Modern Holdings is working with the existing management at SCM to expand the business and enter new markets. Bill Howell, SCM's CEO, and his staff, will remain with the company.
"SCM brings tremendous talent and experience to this sector of the insurance industry," said Modern Holdings' CEO, Henry Guy. "Bill and his team have built a thriving business and we're looking forward to helping them build on their success."
Modern Holdings and SCM have plans to increase SCM's capabilities and expand its geographic reach to better serve the needs of their customers.
"We're excited about the opportunity to partner with Modern Holdings," noted Howell. "They have a long-term, customer-focused approach to building companies which fits very well with our business model."
