Major global loss adjuster Cunningham Lindsey is likely to be sold this year after its two leading private equity owners decided to realise profits.

The company’s Australian Director of Business Development Damon Bennett told insuranceNEWS.com.au it’s “business as usual” for clients as the global company is sold.

The Canadian-based loss adjuster acquired GAB Robins Australia just over three years ago as part of a buy-up of GAB Robins’ businesses outside the US.

European and US investment firms have registered interest in the firm, and an announcement is expected within six months.

Mr Bennett says Cunningham Lindsey has grown strongly in the past couple of years. It has a global turnover of around $US1 billion ($960 million) and 7000 employees in 650 offices.

Crawford & Company is the only other loss adjuster close to Cunningham Lindsey in size, and he says the owners have agreed not to sell the business to Crawfords.

US-based Stone Point Capital is the majority shareholder, and Canadian investor Fairfax Financial Holdings has a minority stake.

It is not known if Cunningham Lindsey managers who hold about 4% of the stock will sell, but Mr Bennett told insuranceNEWS.com.au it’s assumed any new owner will want majority control.

Stone Point is a private equity firm that manages five investment funds with total capital of $US9 billion ($8.7 billion). It focuses on financial services investments and the funds hold a number of insurance-related stakes in brokerages as well as in Alterra, Partner Re and Axis.

It bought an initial 51% stake in Cunningham Lindsey for $US88 million ($85 million) in December 2007 but has since raised that to around 78%.

Fairfax Financial is a financial services holding company that focuses on property and casualty insurance, reinsurance and investment management.

Its investments include Odyssey Re, Group Re and insurers in Hong Kong and Canada. It has held shares in Cunningham Lindsey for around 25 years.