DEAL ANNOUNCEMENT | OX8 CORPORATE FINANCE ADVISES GERMANY-BASED INSURTECH SV KRUG ON ITS SALE TO VERISK
US-headquartered, Nasdaq-listed Verisk acquires 100% in SV Krug to expand European motor solutions and further accelerate Verisk’s growth to support the global insurance industry
New York / Frankfurt / Saarwellingen, 02 May 2023
Oliver Krug, founder and former 100% shareholder of SV Krug commented:
“I would like to take this opportunity to express my big thanks to ox8 Corporate Finance for their excellent support in facilitating this transaction with our new U.S. partner. ox8’s professionalism, expertise, and extraordinarily high dedication have been instrumental in achieving this highly successful outcome. The team’s exceptional work and unwavering commitment throughout the whole process are a testimonial of their outstanding reputation in the industry. ClearIy, I would recommend ox8 to any founder that is looking for the optimal M&A advisor in an international M&A process – both from a professional as well as from a personal perspective.”
ox8 Corporate Finance acted as exclusive financial advisor to the founder and shareholder of Krug Sachverständigen GmbH.
Please note the original press release published by Verisk on 26 April 2023:
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has acquired Krug Sachverständigen GmbH, a Germany-based motor claims solutions provider. The acquisition expands Verisk’s claims and casualty offerings across Europe.
Founded in 1982, SV Krug has established an industry-leading position in the German insurance market through highly digitalised solutions that help insurers and car manufacturers achieve better and faster customer service, leading to sustainable reductions in costs. SV Krug streamlines motor claims with digital solutions that enable insurers to quickly obtain claim photos and information from policyholders, analyze those claims and deliver payments to policyholders.
“Digitalisation has become increasingly important to accelerate the claims process, allowing insurers to focus on their core competencies and cost-saving measures,” said Oliver Krug, Managing Director of SV Krug. “The implementation of a neutral and independent ecosystem in claims management is our top priority. As part of Verisk, we’ll be well positioned to enhance our role as a strategic partner and explore additional opportunities to automate the motor claims process for added benefits to both the insurer and policyholder / liability claimant.”
The acquisition is highly complementary to Actineo, a Verisk business that was acquired in 2021. Actineo is a leader in the digitalisation and medical assessment of personal injury claims in Germany and Austria, offering a comprehensive portfolio of services, technology and data solutions to support the entire personal injury settlement process.
“Verisk will add SV Krug’s established claims management solutions to Verisk’s leading data analytics and insurance ecosystem to provide an end-to-end claims solution to the European insurance market,” said Olav Skowronnek, Managing Director for Continental Europe at Verisk Claims Solutions. “SV Krug’s synergies with Actineo show great promise to support our clients by optimising operational efficiency and improving the customer experience.”
About Krug Sachverständigen GmbH (www.sv-krug.de)
Since 1982, Krug Sachverständigen GmbH has been serving insurance companies, car manufacturers, mobility service providers, and automotive body shops with customized assessment services, digital tools, and AI-based software solutions for claims management. Based on technological innovation and a network of 120 permanent experts throughout Germany, SV Krug offers industry-specific solutions for private and business customers – from motor vehicle damage appraisals and document checking reports to securing evidence and determining vehicle valuations.
About Verisk (www.verisk.com)
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong.