LEWISVILLE, TEXAS (July 26, 2005) – The Adam Corporation/Group (“TAC”), a privately owned holding company, announced today that its wholly owned subsidiary Reliable Reports, Inc. (“Reliable”) has acquired substantially all of the assets of CIG Property Inspections, L.L.C. (“CIG”), a provider of data collection services to property and casualty insurance underwriters in 11 states in the Northeast. The owners of CIG, Edward A. Coan, Jr. and Michael W. Coan, have agreed to serve in executive-level roles within Reliable. Terms of the transaction were not disclosed.
The acquisition allows Reliable, which is one of the largest data collection companies serving the property and casualty insurance industry, to expand its geographic footprint to include virtually all states east of the Rocky Mountains. CIG will operate as a division of Reliable, utilizing Reliable’s capital base, corporate infrastructure and technology systems to offer improved service to its existing customers, while also building additional capacity to handle new customer relationships in the Northeast.
“We are very excited about the opportunities that lie ahead for our organization,” said Edward Coan, former president of CIG. “The financial strength of The Adam Corporation, combined with the experience, resources and product offering of Reliable, will allow us to better serve our customers.”
“We believe CIG is an outstanding add-on acquisition for Reliable,” said Donald A. Adam, chairman and CEO of TAC. “We acquired Reliable in 2003 as a platform for growth within the industry, and have since achieved significant organic growth in the South, Southeast and Midwest. The CIG transaction provides Reliable with the local expertise and relationships that are necessary for expansion into the Northeast.”
CIG, founded in 1996 and headquartered in Toms River, New Jersey, provides inspection and data collection services to property and casualty insurance underwriters in 11 states in the Northeast. CIG’s customers include several of the Northeast’s leading insurance companies, in addition to a significant number of other insurance companies and agencies.
Reliable, founded in 1971 and headquartered in Lewisville, Texas, is one of the largest data collection companies serving property and casualty insurance underwriters in the United States. Reliable enjoys working relationships with 11 of the top 15 insurance companies in the nation, as well as 350 other insurance companies and agencies. Reliable employs industry-leading operational controls to ensure the quality, consistency and timeliness of collected data. In 2004, Reliable collected over 30 million data points from inspections of personal and commercial properties in 22 states. Reliable provides its customers with inspection data through customized reports, or through proprietary software solutions that allow customers to manipulate their own data.
TAC is a privately owned holding company founded in 1969 and headquartered in Bryan, Texas. Over its history, TAC has built companies in diverse industries including cable television, financial services, real estate development, commercial construction and business services.
For more information regarding this story or its contents, please contact:
Mark Welsh, Vice President, The Adam Corporation/Group (979) 776-1111
Brent Hagar, EVP-Sales & Marketing, Reliable Reports, Inc. (972) 353-2315 x 225
Edward Coan, EVP-Business Development, Reliable Reports, Inc. (732) 473-1212
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