Business News: Abra/Caliber, Travelers, Roost

Caliber Collision, Abra Auto Body Repair of America Merger Transaction Closes

Caliber Collision Centers and Abra Auto Body Repair of America announced the closing of their merger that unites the companies’ talented teams, brands and operations to better serve customers, insurance clients and teammates across the U.S.

The combination joins two leaders in the $47-billion-a-year collision repair industry, each known for delivering consistently high customer satisfaction. Going forward, the combined company will be investing even more in enhanced technologies, specialized resources and innovative processes to redefine world-class standards for quality repairs and customer service in the industry.

The new combined company, now operating under the Caliber brand name, will provide customers and clients with the first national lifetime warranty along with even more offerings, including dedicated Non-Drive facilities, Express repair centers and Aluminum-certified and high-line centers. The combined company will also offer glass repair, diagnostic scanning and calibration services and the broadest network of OEM-certified locations in the U.S.

Terms of the transaction were not disclosed. Private equity firm Hellman & Friedman – Abra’s majority shareholder since 2014 – will become the majority shareholder of the combined company. Caliber’s two largest shareholders, OMERS and Leonard Green & Partners, L.P., will be minority shareholders in the combined company.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are financial advisor to Hellman & Friedman. Simpson Thacher & Bartlett LLP provided legal counsel to Hellman & Friedman and Abra. Jefferies LLC is financial advisor to both OMERS and LGP. Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel to OMERS and Caliber. Latham & Watkins LLP provided legal counsel to LGP.

Travelers Provides Auto Insurance for Lexus Complete Lease Program

The Travelers Companies, Inc. announced it has been selected to be the auto insurance provider for the new Lexus Complete Lease, a two-year, 20,000-mile lease program for the Lexus UX compact crossover vehicle. This full-service leasing option conveniently bundles the cost of the vehicle, auto insurance, connected services and maintenance into a single monthly payment.

The Lexus Complete Lease is available for qualifying customers who choose any Lexus UX build. The auto insurance policy from Travelers includes auto liability and physical damage coverage with a $500 deductible, ensuring peace of mind and protection for Lexus Complete Lease guests. Pricing and coverages may vary by state.

For more information, please visit www.Lexus.com/LexusComplete.

Roost Adds CFM Insurance to its Home Telematics Program

Missouri based CFM Insurance has joined Roost’s Home Telematics Program (HTP) in partnership with Willis Towers Watson. CFM Insurance joins Encompass Insurance, State Auto Insurance and Country Financial as the first four announced HTP members.

The HTP’s mission is to apply advanced analytics to reveal insights regarding the effect of home telematics on loss mitigation and member engagement. As a member, CFM will deploy various kits of Roost Smart Sensors, including the Roost Smart 9V Battery (for smoke alarms) and the Roost Smart Water Leak and Freeze Detector to a set of their policyholders. CFM is also working with Roost to deploy a white label mobile app with the sensors.

Roost is looking for 5-10 innovative home insurance partners who would like to join us as part of the Home Telematics Program.

Interested carriers can contact Jim Strickland at strickland@roostlabs.com