The Opportunity

In March 2015, we invested in JS Held, a specialty advisory firm providing property loss consulting to insurance companies. JS Held had established a strong brand and a consistent track record in the property loss consulting space and management was seeking a strategic partner to expand its business lines and accelerate its acquisition-led growth strategy across the highly fragmented insurance outsourcing market.

• Market Trends: We identified a compelling opportunity in the insurance claims consulting space: the insurance outsourcing market was expanding and remained highly fragmented, insurance carriers were increasingly seeking to outsource specialized advisory functions, and JS Held had a clear opportunity to increase share of wallet with existing clients.

• Differentiated Sourcing: We researched and met with service providers across the insurance industry and identified JS Held as a leading platform in the space. Our strong alignment with management based on cultural fit, industry network, value-add capabilities, and experience working with similar businesses, such as Kroll (f.k.a Duff & Phelps), ultimately led to a partnership with the company.

Key Company Highlights

• Leading Brand and Reputation in Property Loss Consulting

• Diverse, Blue Chip Client Base with No Client Concentration

• Limited Correlation to the Macroeconomic Environment

• Highly Fragmented Market with Significant Consolidation Runway

• Strong Historical Financial Performance with Consistent CAGR

• Deep Bench of Respected Industry Leaders

Value Creation & Outcomes

• M&A Execution: We partnered with management to complete 19 acquisitions during our ownership period between 2015 and 2019, systematically broadening JS Held's service capabilities and geographic footprint across the specialty insurance advisory and consulting landscape.

• Product and Service Expansion: We enabled the launch of 4+ new business lines during our ownership, diversifying the platform beyond its core property loss consulting offering and expanding the company's addressable market and client relationships. The Company’s service line expansion established a foundation to expand horizontally to sectors beyond insurance, expanding the TAM for future investors.

• Operational Scaling: We guided significant organizational growth, expanding the employee base by more than 500% during our ownership to support the integration of acquired businesses and the build-out of a scaled, multi-service advisory platform.

• Human Capital and Governance: We supported the development of a deep management bench capable of executing a high-velocity acquisition program while maintaining service quality and client retention across a growing and increasingly diversified business.