American insurer Sedgwick has acquired Expert Solutions service line from Stericycle, which specialises in a range of in-market business and product risks.
Financial terms of the deal were not disclosed.
This strategic transaction provides Sedgwick capabilities related to product recall, remediation and retention.
Sedgwick CEO Mike Arbour said the deal enhances the company’s suite of integrated offerings in the benefits, claims and resolution space.
Furthermore, combining recall, remediation and retention solutions under its specialty operations is expected to enable Sedgwick to provide clients with a wider range of services, which address and resolve in-market challenges.
Arbour added: “The addition of Stericycle’s Expert Solutions service line, along with their talented team, brings tremendous value to Sedgwick.
“We look forward to offering best-in-class recall, remediation and retention solutions on a global scale under the Sedgwick banner to clients in the automotive, food and beverage, medical devices, retail, pharmaceuticals and consumer products industries and beyond.”
As part of the transaction, over 300 employees of Stericycle’s Expert Solutions service line in the US, Canada and Europe will join Sedgwick.
Stericycle Expert Solutions senior vice president and general manager Ken Edwards said: “With a 25-year track record of managing some of the most sensitive and time-critical business and product crises, we know what it takes to resolve in-market challenges and uphold client commitments to customers, supply chain partners, industry groups and regulators.”
In April this year, Sedgwick said it is set to expand its disability and absence solutions for mid-size employers in the market.
In February, Sedgwick partnered with Concirrus, bringing to the UK market their proactive risk management tool, Quest Automotive.
Last year, the company wrapped up its previously announced takeover of York Risk Services Group.