International loss adjuster McLarens and independent Australian adjuster Technical Assessing have withdrawn from takeover talks.

Technical Assessing MD Steve Nance says the parties have agreed “it was not appropriate to go ahead at this time”.

His company is one of the last independent loss adjusters in Australia. The acquisition discussions with McLarens, which returned to the Australian market last year, were first reported by insuranceNEWS.com.au in July. See earlier story.

“We were in discussions with McLarens over many months,” Mr Nance said.

“Although there were advantages to both companies, our board agreed the two companies currently don’t have sufficient synergies.

“To go ahead in the current climate may not deliver the outcome both parties would desire.”

Mr Nance says Technical Assessing will now focus on its own growth strategy. The business specialises in complex claims in areas such as construction liability, mining and energy.

But while there is no deal on the table, he says a future resumption of the takeover talks is possible.

“This does not mean the door is shut for the future. McLarens internationally is an excellent loss adjusting company.”