Business process outsourcing company ExlService Holdings, or EXL, on Tuesday said it had acquired Trumbull Services, a specialised service provider to the insurance industry, for an undisclosed amount. The Nasdaq-listed company bought Trumbull from its client The Hartford Financial Services Group.
Trumbull, which has offices in Hartford and Columbia, offers subrogation services for property and casualty insurers. Subrogation refers to circumstances in which an insurance company tries to recoup expenses for a claim it paid out when another party should have been responsible for paying at least a portion of that claim.
With this acquisition, EXL had strengthened its leadership position in the insurance industry, the company said in a statement.
“While Trumbull has built strong capabilities as a subrogation services provider, the sale of this business to EXL is consistent with The Hartford’s strategy to focus resources on its core insurance and wealth management businesses,” Rohit Kapoor, president and chief executive of EXL, said in a statement.
“Trumbull enhances our domain expertise in P&C insurance with subrogation outsourcing. It also brings along a number of valuable relationships with insurance companies that are new to EXL,” he said.
All Trumbull employees associated with the transaction have been offered comparable positions with EXL. Trumbull’s president, Brad Burdick, will continue to manage the business and assume an important leadership role at EXL.
The Hartford is one of EXL’s strategic clients. In conjunction with the transaction, EXL will continue to provide services to The Hartford consistent with its existing relationship.
This was the second acquisition in the last six months by EXL. In May, it had acquired finance and accounting outsourcing service provider Outsource Partners International for $91 million.
