Claims Tech Vendor Faces Possible Hostile Takeover

A hostile takeover of Canadian claims software vendor Symbility’s corporate parent could be in the works.

CoreLogic Inc. announced last week its board of directors is rejecting a takeover offer from Senator Investment Group LP and Cannae Holdings Inc., which own about 15% of CoreLogic stock.

Irvine, Calif.-based CoreLogic is publicly-traded. In 2018, CoreLogic bought the shares of Symbility Solutions Inc. that CoreLogic did not already own for about US$160 million.

Symbility, which has a Toronto office, makes estimating software as well as cloud-based claims workflow products for the property and casualty insurance industry.

Symbility products include Claims Connect, which is intended to let estimators, staff adjusters, building contractors and clients get access to claims data.