Cornell Capital, a private investment firm with offices in New York and Hong Kong, has acquired Hancock Claims Consultants, a national provider of outsourced claims field services to residential property and casualty insurance carriers. The acquisition will support Hancock’s next phase of growth through investments in proprietary technology, the expansion of its service offerings, and strategic acquisitions across the insurance claims services market.
Founded in 2003 and headquartered in Alpharetta, Georgia, Hancock operates across 48 states through a network of more than 1,000 field technicians. The company serves major homeowners insurance carriers, providing inspection, valuation, estimating, and repair services designed to help insurers process claims efficiently while improving the policyholder experience.
Hancock’s services include exterior and interior property inspections, contents valuation, damage estimating, and specialized repair coordination. Its Hancock Repair Network offers managed repair, water mitigation, tree removal, and engineering services, enabling insurance carriers to access additional resources throughout the claims process.
The company’s nationwide technician network allows it to support insurance carriers across geographically dispersed markets, including during periods of increased claims activity.
Its operating model is designed to help insurers reduce claim processing times, manage loss adjustment expenses, and obtain consistent property assessments.
For Cornell Capital, the acquisition expands its investments in financial services and technology-enabled outsourced business services while providing an opportunity to support a company with established relationships across the insurance industry.
The firm has identified several areas for investment as Hancock continues developing its national platform.
A central priority will be expanding Hancock’s proprietary technology, with the objective of improving operational efficiency and supporting its relationships with insurance carriers.
Technology plays an important role in coordinating property inspections, collecting information from field technicians, documenting damage, and helping insurance companies make claims decisions.
Additional investments in Hancock’s platform are intended to strengthen its ability to manage these processes while supporting continued growth in its service network.
Cornell also plans to support the expansion of adjacent service lines, allowing Hancock to provide additional claims-related services to its existing carrier customers.
The strategy will include pursuing strategic add-on acquisitions across the insurance claims services market. These transactions could extend Hancock’s technical capabilities, broaden its geographic coverage, or introduce complementary services.
The acquisition builds on Cornell Capital’s experience investing in businesses across the insurance ecosystem and outsourced services industry.
Hancock has developed its business over more than two decades by establishing relationships with residential property and casualty insurers and building a nationwide network of field technicians.
Its services address several stages of the residential insurance claims process, beginning with the initial property inspection and extending into damage assessment, estimating, and repair coordination.
Through its inspection services, Hancock provides insurance carriers with information about damage to residential properties and their contents.
Its estimating and valuation capabilities help insurers evaluate the scope and financial implications of covered losses, while its repair network provides access to contractors and specialized service providers.
These capabilities allow Hancock to serve as an outsourced partner for insurers seeking additional field resources and claims management support.
The transaction will also provide Hancock with additional financial and operational resources as it expands its existing business.
Brad Hancock, Founder and Chairman of Hancock Claims Consultants, will remain invested in the company following the acquisition.
His continued investment provides continuity as the company enters its next phase under Cornell Capital’s ownership.
Cornell Capital intends to work with Hancock’s existing team to build on its established carrier relationships, expand its technology capabilities, and pursue opportunities for both organic and acquisition-driven growth.
Support: Piper Sandler and Baird served as financial advisors to Hancock, while Kirkland & Ellis provided legal counsel. William Blair served as financial advisor to Cornell Capital, with Davis Polk & Wardwell acting as its legal counsel.
KEY QUOTES:
“We have followed the outsourced claims services space closely for years and Hancock stands out as a clear category leader with meaningful opportunities to grow, both organically and through acquisition. We are excited to partner with the talented Hancock team to invest in the technology, services, and people that will define the Company’s next chapter.”
Emily Pollack, Partner and Head of Financial Services at Cornell Capital
“Hancock has earned a reputation among the nation’s leading carriers as a trusted, best-in-class partner, built on the strength of its people, its national technician network, and its consistent quality of service. We look forward to furthering this strong foundation in this next phase for the business.”
Taylor Watt, Managing Director at Cornell Capital
“This partnership is a testament to what the Hancock team and our technician network have built over more than two decades. Cornell Capital shares our commitment to our carrier partners and to the policyholders they serve, and brings the resources, relationships, and experience to help us expand what we can offer. I’m proud to remain invested in the Company and excited about the road ahead.”
Brad Hancock, Founder and Chairman of Hancock Claims Consultants
