Tuesday, June 14, 2016 – Wilmington, NC – Live Oak Bank (subsidiary of Live Oak Bancshares, Inc) (NASDAQ:LOB) announced financing for the purchase of United Claims Service, Inc., a North Carolina-based claims service company established in 1989.
The company was purchased by longtime General Manager Louie Adams, who entered the business 18 years ago. Adams joined UCS as part of a perpetuation plan in 2009. The previous owner has stepped back to assume a consulting role with UCS, and Louie has assumed the ownership position. UCS handles claims for several major carriers throughout the eastern United States. With Adams’ involvement, the firm increased revenue, added clients, and implemented a workflow automation system to assign work to adjusters. Through automation, UCS has significantly shortened the full claim cycle.
“I have always been passionate about owning my own business,” said Adams. “Steve Lee, the previous owner, was kind enough to give me that opportunity, and Live Oak was an integral part of taking that opportunity and turning it into a reality.”
“Live Oak Bank was instrumental in the transaction as an experienced lender to the insurance industry,” said Kelly Drouillard, General Manager of Insurance Lending at Live Oak Bank. “The independent claims business is the niche Live Oak strives to serve since it is underserved and underbanked.”
About United Claims Service, Inc.
United Claims Service (UCS) is a North Carolina-based business founded as a direct result of Hurricane Hugo in 1989. We maintain a close working relationship with the companies with whom we do business. We have been deliberate in our growth and have not tried to be all things to all companies. We value our relationships and are pointing our growth to complement our current business, which is concentrated in North Carolina, South Carolina, and Virginia. For more information, please visit www.ucsadjusters.com.
About Live Oak Bank
Live Oak Bank was founded in 2008 to provide small business loans to professionals across the country looking to start or expand their businesses. Live Oak is an FDIC-insured national footprint bank and one of the largest originators of small business loans in the country. To learn more about Live Oak Bank, please visit www.liveoakbank.com/insurance.
