Reliable Reports Inc., a data collection company serving the property and casualty insurance industry, has made an acquisition it says will permit it to expand into virtually all states east of the Rocky Mountains.
The announcement that Lewisville, Texas-based Reliable has acquired substantially all the assets of CIG Property Inspections (CIG), a provider of data collection services to p-c underwriters in 11 states in the Northeast, was made by Reliable's parent, the Bryan, Texas-based Adam Corporation/Group (TAC).
TAC said the owners of CIG, Edward A. Coan Jr. and Michael W. Coan, have agreed to serve in executive-level roles within Reliable. Terms of the transaction were not disclosed.
The firm said CIG will operate as a division of Reliable, utilizing Reliable's capital base, corporate infrastructure and technology systems to offer improved service to its existing customers, while also building additional capacity to handle new customer relationships in the Northeast.
"We are very excited about the opportunities that lie ahead for our organization," said Edward Coan, former president of CIG. "The financial strength of The Adam Corporation, combined with the experience, resources and product offering of Reliable, will allow us to better serve our customers."
Donald A. Adam, chairman and CEO of TAC, said: "We believe CIG is an outstanding add-on acquisition for Reliable. We acquired Reliable in 2003 as a platform for growth within the industry and have since achieved significant organic growth in the South, Southeast and Midwest.
The CIG transaction provides Reliable with the local expertise and relationships that are necessary for expansion into the Northeast."
CIG, founded in 1996, is based in Toms River, N.J. The company provides inspection and data collection services to property and casualty insurance underwriters in.
TAC said CIG's customers include several large Northeast insurance companies and a number of other insurance companies and agencies.
Reliable, founded in 1971, reports working relationships with 11 of the top 15 insurance companies in the nation, as well as 350 other insurance companies and agencies. In 2004, Reliable said it collected over 30 million data points from inspections of personal and commercial properties in 22 states. Reliable provides its customers with inspection data through customized reports, or through proprietary software solutions that allow customers to manipulate their own data.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.