Insurance Adjusting Firm, Cunningham Lindsey for Sale According to Sources

Cunningham Lindsey, an insurance claims management company controlled by buyout firm Stone Point Capital LLC, is up for sale and could fetch more than $1 billion, sources familiar with the situation said. Bank of America Merrill Lynch is advising Cunningham Lindsey on the auction, the sources said, adding that the company is expected to draw interest from private equity firms. Stone Point owns a majority stake in Cunningham Lindsey, while property-casualty insurer and reinsurer Fairfax Financial Holdings Ltd owns a large minority stake. First round bids are expected near the end of this month, the sources said.