CCC Information Services Inc. Completes Divestiture of CCC Consumer Services Inc. Business.Business Editors CHICAGO--(BUSINESS WIRE)--Sept. 5, 2001 Completes Sale of Two Separate Components to Esurance and David Morse David Morse is a name that can refer to:
CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. Information Services See Information Systems. Inc., a leading supplier of advanced software and communications systems to the automotive claims industry, today announced that it has completed the sale of two components within CCC Consumer Services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, Inc., its U.S.-based claims outsourcing business, in two separate transactions effective September 1, 2001. Financial terms of the agreements were not disclosed. The first transaction involves CCC's policy services and loss reporting operation, based in Sioux Falls, South Dakota Sioux Falls (IPA: [su fɑlz]) is the largest city in the U.S. state of South Dakota, and the county seat of Minnehaha County.GR6 The 2007 city population is 148,000. , which has been sold to San Francisco-based Esurance. The second sale includes CCC's claims administration operation, based in Battle Creek, Michigan “Battle Creek” redirects here. For other uses, see Battle Creek (disambiguation). Battle Creek is a city in the U.S. state of Michigan, in northwest Calhoun County. , which has been sold to Los Angeles-based David Morse & Associates. As part of the transaction, David Morse & Associates can provide certain claims administration services to Esurance. "These actions mark the final transactions to our U.S. claims outsourcing exit strategy, which was announced in the first quarter of this year," stated Githesh Ramamurthy, Chairman and Chief Executive Officer of CCC Information Services Inc. "This strategy mirrors our corporate objective of continuing to focus on what we do best - providing technology solutions that anticipate and respond to changing demands in our industry." The first transaction involving CCC's Sioux Falls Sioux Falls, city (1990 pop. 100,814), seat of Minnehaha co., SE S.Dak., on the Big Sioux River; settled 1856, inc. as a village 1877, as a city 1883. Settlers abandoned the site in 1862 because of Native American raids, but with the establishment (1865) of Fort outsourcing operation will now enable Esurance to handle its policy services and loss reporting call center in-house. As part of the transaction, 46 employees from CCC's call center operations staff who provide these services have joined Esurance. CCC will continue to operate out of its Sioux Falls office while leasing a portion of its office space to Esurance. The sale also included other fixed assets associated with the policy services and loss reporting operations. "The acquisition of the call center assets enables us to operate at even greater efficiency while also providing direct management which is core to our business growth," said Gary Tolman, President and Chief Executive Officer of Esurance. "Furthermore, we're able to have a seamless transition for Esurance customers by adding to our ranks dedicated, well-trained employees who are already knowledgeable about our business and are familiar with our system." The second transaction includes CCC's claims administration operations. With this transaction complete, David Morse & Associates will now provide claims administration services to Esurance. In addition, 19 CCC employees working in the Battle Creek office have joined David Morse & Associates. The sale also included other fixed assets and the office lease. "The Battle Creek facility fits beautifully with our presence on the East and West coasts and nearly completes our expansion to a 48-state coverage," said David Morse, Chairman of David Morse and Associates. "The skills of the Battle Creek staff and the opportunity to provide the claims administration to Esurance with their dynamic growth are key elements of our own rapid expansion in the claims administration business. The skill and dedication of the Battle Creek staff are an important addition to our company." CCC Information Services Inc. announced in the first quarter of 2001 that it would begin exiting CCC Consumer Services Inc., its U.S.-based claims outsourcing business, in order to better focus on its core technology strengths. To date, this wind down process is proceeding smoothly and remains on target for completion by December 2001. About CCC CCC Information Services Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CCC Information Services Group (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCCG CCCG Canadian Conference on Computational Geometry CCCG Climate Change Co-ordinating Group ), headquartered in Chicago, IL, is a leading supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries. Its technology-based products and services optimize efficiency throughout the entire claims management supply chain and facilitate communication among more than 14,800 collision repair facilities, 350 insurance companies, and a range of industry participants. For more information about CCC Information Services Inc., visit our Web site at www.cccis.com; or contact Susan Jablonski of CCC at 312-229-2830, or Lisa Wahrmund of Ketchum CTC CTC - Cornell Theory Center at 312-832-9300. About Esurance Esurance Inc. is a nationwide direct-to-consumer provider of personal automobile insurance. The company is redefining the insurance experience by creating an easy and time efficient way to buy and manage personal auto insurance online. Esurance's technology eliminates paper-based processes and creates cost savings that are passed on to customers in the form of low rates for top-rated insurance policies. Through its online service (www.esurance.com), Esurance offers consumers expert advice, quote comparisons, instant coverage, as well as convenient 24x7 policy management, customer service and superior claims handling. The company was the first Internet-based provider to offer real-time quote capability and fulfillment service online to more than half of the nation's driving population. Esurance is an operating subsidiary of Folksamerica Holding Company, Inc., a subsidiary of White Mountains Insurance Group White Mountains Insurance Group is a holding company with business interests in property and casualty insurance, and reinsurance. The group owns the direct marketing insurer Esurance. External links
See: New York Stock Exchange : WTM WTM World Travel Market (London) WTM World Tamil Movement WTM What's the Matter? WTM Windows Task Manager WTM Web, Trattamenti e Materiali (Italian) WTM Winner Takes Most WTM Wind Tunnel Model ). About David Morse & Associates David Morse & Associates is a full-service claims administration and insurance adjusting company with regional claims centers in California, Michigan, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Florida and, later this year, Texas. David Morse & Associates is a leader in the use of metrics and benchmarks to improve claims processing performance beyond industry norms. With headquarters in Los Angeles, California and offices in 13 states, the company now handles claims in 39 states and will have nationwide coverage by the end of the year. David Morse & Associates provides its clients with more than 300 staff, 22 years of claims experience and a web-based claims system for client access and the creation of customized reports. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of those sections and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any such forward-looking statement, including any statement regarding the intent, belief, plans, or current expectations of the companies or their management, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those forward-looking statements and that contractual arrangements are complex, may be terminated under appropriate circumstances or revised by mutual agreement. The companies have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement. |
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