MYI Partners With Large Aviation Claims and Technical Advisor

McLarens Young International (MYI), the only employee-owned global loss adjusting firm in existence, today announced a merger with Airclaims, a large global provider of claims, risk, and asset management services to the aviation community.

“This merger is part of our long term strategy of growth—both organically and by acquisition— in key markets across the globe,” said Vern Chalfant, CEO of MYI. “Aviation is an ideal sector for MYI: a global market, dominated by a small number of niche players, which requires a very technical approach to loss adjusting. Airclaims is the world leader in this sector, so this was a natural fit for us.”

In terms of the broader corporate strategy, Chalfant said that current market conditions are ripe for consolidation and that the move will enable MYI to “further enhance its position as a player for the provision of loss adjusting services across the aviation industry.

“We were seeking to merge with a truly global business, with a recognizable brand, scalability and a focus on quality of service,” added Mark Hunter, CEO of Airclaims. “At the same time, an appetite for future growth was imperative. It was clear from the outset that MYI more than satisfied these characteristics and we are delighted to form this partnership.”

While both companies will continue to operate under their own established brands, Airclaims will become a fully owned entity operating within the MYI group. The partnership facilitates an integration of knowledge and expertise, creating a significant platform for expansion in the sector. This will allow for the provision of a broader range of services to existing and prospective clients in the aviation and insurance sectors.

Airclaims' niche is aviation claims adjusting, while MYI offers expertise in property, business interruption (BI), liability, and cargo adjusting. Airclaims also provides an independent asset management capability offers a range of services to aviation lessors, banks, financiers, and operators. The merger will enable opportunities for continued growth and investment in the risk and asset management division to be explored.

Included in the merger is the full purchase of shares from Private Equity firm LDC, the largest single shareholder in Airclaims since backing an MBO in 2005. To finance the deal, MYI secured additional external funding from Altamont Capital Partners, a U.S. Private Equity firm focused on partnering with management teams to build market leading businesses.