Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has announced that company founder Robert “Bob” Young passed away on 20 February at age 83.
“I am incredibly sad to share the news of Bob’s passing,” said Mr Dave North, president and CEO of Sedgwick, in a statement. “His passion for life was unmatched, and this loss will be felt by so many people who knew of and cared for him. An extremely dedicated and honourable man, Bob left an indelible mark on the insurance industry. Sedgwick will honour his memory by continuing to uphold the values and business philosophy that Bob put in place when he founded the company over 50 years ago. He was a true visionary and will be dearly missed.”
In 1969, Young founded a small claims services company in San Francisco; under his leadership, it grew to 500 people and became one of the most influential companies in the insurance industry. Young retired in 1996, turning the operation over to Mr North as his successor. That company developed into Sedgwick, which is now 27,000 colleagues strong and operates in 65 countries.
Mr North continued, “The establishment of our organisation is widely regarded as having a seismic impact on the global insurance industry. Bob’s leadership and legacy encouraged innovative product development, organic business development, strategic acquisitions and more—all of which allow Sedgwick’s offerings to continually evolve beyond claims processing to meet the current and future needs of our clients. We have Bob Young to thank for where we are today.”
Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to clients’ specific needs in casualty, property, marine, benefits and other lines.
Sedgwick’s majority shareholder is The Carlyle Group. Stone Point Capita, Caisse de Depot et Placement du Quebec (CDPQ), Onex and other management investors are minority shareholders.
Among its international acquisitions, Sedgwick last year bought Insight Adjusters and Surveyors in Singapore in order to strengthen and expand its presence in Asia. The combined businesses have been operating as Sedgwick Singapore since November 2019 and are the largest loss adjusting firm in Singapore, serving clients across the region, from Japan and Korea to Malaysia, the Philippines, Indonesia, Australia and New Zealand.