Acorn Claims acquired by Florida firm

[Editor's note: Added the year, 2024, of Ryze's announcement of a partnership with Bain Capital.]

Springfield-based Acorn Claims LLC has been acquired.

Tampa, Florida-based Ryze Claim Solutions LLC today announced its acquisition of the Queen City firm that specializes in daily and catastrophic claims services nationwide.

The Acorn Claims website said the company was established in 2009.

A news release issued by Ryze, which calls itself a full-service claims management provider, states, “This transaction further supports Ryze’s position in the industry, reinforcing its commitment to innovation, service excellence and continued expansion as part of their previously released M&A strategy.”

Acorn Claims offers claims management services including third-party administration and a proprietary audit service. Also in its suite of services is expert technical analysis, or ETA, a dedicated review process to ensure mitigation work is performed to industry standards.

Ryze Executive Chair Tony Grippa characterized Acorn Claims and Ryze as a good strategic fit for each other.

“Acorn Claims aligns perfectly with Ryze’s mission to partner with middle-market adjusting firms that share our culture and growth objectives,” Grippa stated in the release.

He added that co-owners Rob Brown and Kirk Belz have built a great reputation for the company as a claims services provider.

“Rob and Kirk have done an exceptional job growing Acorn Claims into a top-tier firm,” Grippa said. “We plan to leverage their ETA expertise, combined with our technology, to thoughtfully expand our water mitigation review service offering.”

He added that Acorn Claims’ capabilities and its specialized offerings like ETA will enhance Ryze’s ability to deliver innovative claims solutions and to strengthen its partners with carrier platforms.

In mid-February 2024, Ryze announced its partnership with Bain Capital Insurance, the insurance investing unit of private investment firm Bain Capital. The financial terms of the transaction were not disclosed in a news release issued at the time.

In the release, Matt Popoli, global head of Bain Capital Insurance, was quoted as saying the frequency and severity of weather events is causing insurance carriers to seek out experienced service partners to help with logistical challenges in an increasingly complex claims environment.

“The breadth of Ryze’s service offerings, coupled with its demonstrated track record of creating purpose-built solutions in collaboration with insurers, positions the company to excel in this evolving market,” Popoli said.

As part of its acquisition strategy, on Friday, Ryze also announced the acquisition of Southlake, Texas-based Leading Edge Claims Service.