SCM Insurance Services gets investment boost from private equity firm

The deal will allow SCM to continue facilitating its growth strategy

SCM Insurance Services Inc. is welcoming an investment from global private equity firm Warburg Pincus.

This investment will provide SCM, a Canadian independent, privately owned insurance services provider, with capital and strategic resources that will enable the company to continue to invest in its business, according to the company’s announcement. Specifically, the investment will help SCM in its goal to grow its business in Canada and with its recent entry to the U.S.

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“This important investment from Warburg Pincus will help SCM implement the next phase of our successful growth strategy and allow us to serve our clients in even more ways and in more places. Warburg Pincus is not only the right partner at the right time for SCM, it is also the right fit culturally and strategically,” says Bob Fitzgerald, CEO of SCM Insurance Services, in a press release.

Previous growth and acquisitions, as well as the continued investment from TorQuest Partners, have increased the range of insurance products and services SCM delivers to its clients in Canada. In May, SCM purchased Nixon & Company, Inc. in order to enter the U.S. market. The company says its ”ambitious growth plans will see it become an even larger, more diverse company,” allowing it to better serve clients and customers.

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“SCM has established itself as the leading provider of outsourced claims management and tech-enabled insurance services in Canada, and has positioned itself well for further expansion in the U.S. Through its wide range of market-leading services, [SCM] has already become an attractive one-stop shop for the P&C industry and we see meaningful opportunity to continue investing in and expanding its service lines,” says Jeffrey Stein, principal at Warburg Pincus, in a press release.

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