• Investment Year:2007
  • Status: Past
  • Stage:
  • HQ:Tampa, FL


Cunningham Lindsey

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Cunningham Lindsey is a global insurance claims service company and the leading provider of outsourced insurance loss adjusting services in the world.

Cunningham Lindsey provides independent insurance claims management services, including claims adjusting, appraisal and risk management to property and casualty insurance companies and brokers on a global basis. The company operates in more than 450 locations in more than 65 countries. Clients include (re)insurance companies, brokers and self-insured corporations.


Stone Point had extensive knowledge of the loss adjusting space having studied the sector for over 10 years prior to the investment in Cunningham Lindsey. We also had long term relationships with a substantial number of the existing and prospective customers.


Stone Point helped the company develop meaningful new business opportunities and clients through the Stone Point network, including senior-level introductions to a number of Stone Point’s insurance carrier, broker and self-insured company relationships.


Stone Point helped to execute several transformational and highly accretive acquisitions: GAB International, which increased the company’s revenue by more than 50%, while also diversifying its product set and achieving true global coverage, and GAB U.S., which expanded Cunningham’s U.S. service offering by adding commercial adjusting capabilities. Stone Point helped to complete three other tuck-in acquisitions in Spain, Germany and Australia at attractive valuations. Additionally, we led the company’s strategic development efforts which resulted in a meaningful number of additional acquisitions that the company evaluated, but did not complete. This helped the company further refine the strategy for growth and profitability enhancement.


Stone Point identified and recruited the company’s Global CEO Philippe Bes (from the GAB International acquisition), and Global CFO Ed Mullen (from Crawford). Stone Point also established a management equity incentive plan and investment program to create alignment with Trident.


Stone Point led the company’s efforts to secure three debt refinancings as well as Cunningham Lindsey’s acquisition financing.


Stone Point helped add significant talent to the Board of Directors, including Tom Forrester (former CFO of Progressive Insurance), John Shettle (former CEO of Vosco and AVEMCO), and Jean-Luc Gourgeon (former Chief Underwriting Officer of PARIS RE).

It has been a delight to work in an environment like Stone Point, and I would sign up anytime… They have a way to manage their investments, to motivate the executives who lead these investments, that is so different and delivers superior performance. That is the very reason why they are successful and I wish this approach were the norm…I have tremendous respect for their team, for their approach to investments, for their philosophy, for the way they treat people… No doubt it has been the most fulfilling part of my professional life, which has been pretty diversified and exciting.
Philippe Bes, Former CEO of Cunningham Lindsey

Investments highlighted or discussed in this selection have been selected to illustrate SPC’s investment approach and/or market outlook and are not intended to be an indicator of past or future performance. Each investment discussed in this selection has been selected solely for this purpose and has not been selected on the basis of performance or any performance-related criteria. The investments discussed herein do not represent an entire portfolio and in the aggregate may only represent a small percentage of holdings. Nothing in this presentation shall constitute a recommendation or endorsement to buy or sell any security or other financial instrument referenced herein.