StoneRiver is a provider of technology and services to the insurance industry.
Formerly known as Fiserv Insurance Solutions, Inc., StoneRiver was a leading provider of outsourcing and technology solutions to the insurance industry. At the time of Trident’s investment, StoneRiver comprised the following divisions: workers compensation pharmacy processing, flood insurance outsourcing, life & annuity software and services, and property & casualty software and services.
Stone Point provided executive-level introductions to potential clients and business partners, including helping the company secure a large client to its flood services business.
Stone Point assisted with six acquisitions, including:
Additionally, Stone Point assisted with repositioning StoneRiver’s workers’ compensation pharmacy business by:
Stone Point helped to enhance StoneRiver’s management team by recruiting Bob Lipp, former CEO of Travelers Property & Casualty and Vice Chairman of Citigroup, as Executive Chairman of StoneRiver. Bob Lipp helped the company undertake an expense restructuring that eliminated ~$10 million of run-rate expenses. Stone Point helped to restructure StoneRiver’s incentive plan to align with the new business strategy and recruited new management to a number of business lines within StoneRiver.
Stone Point helped the company complete six debt financings and refinancings.
Stone Point helped to restructure StoneRiver’s legal organization to facilitate tax efficient dispositions. Additionally, in the StoneRiver Insurance Solutions business, Stone Point helped reduce R&D spend for system upgrades and implement phased development based on client adoption.
Stone Point helped to identify buyers and executed exits of businesses after the work of value creation and repositioning was completed. In particular, Stone Point assisted with the sale of separate business lines to various buyers in order to maximize value.
We recorded a net gain of $146 million and received $140 million of cash distribution from our StoneRiver joint venture…We've realized $1.1 billion including the proceeds from the original sale of our 51% interest. Although there are only limited assets remaining in this venture, we're very pleased with its overall performance.
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.
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