Dear rabid_-ga,
Thank you for your question. I have attempted to gather as much
financial information available on Cambridge Integrated Services
Group, Inc. and am posting it as quickly as possible, given the
urgency of your request. Some information below is available only
through pay services, such as the Dun & Bradstreet reports.
____________________________________________
From the Aon Securities & Exchange Commission Form 10-K for the Aon
Corporation, one can find some information regarding the sale of
Cambridge Integrated Services Group, referred to as "Cambridge."
You can find the full document here:
http://www.shareholder.com/Common/Edgar/315293/1047469-05-6608/05-00.pdf
Page 35:
"In November2004, we sold our Cambridge Integrated Services Group,Inc.
("Cambridge") claims administration business to Scandent Holdings
Mauritius Limited (SHM) for $90million in cash plus convertible
preferred stock in SHM, valued at $15million. Because of our
convertible preferred stock holding and other factors, we included
Cambridge's results prior to the sale's effective date, as well as a
pretax gain on the sale of approximately $15million, in income from
continuing operations. "
In the same document, Aon's decrease in revenues due to sale of
Cambridge is cited on Page 53:
" $19million in lower revenue from the sale of our U.S. Claims service
business effective November30, 2004. The sale of our U.S. and U.K.
claims services businesses more than offset the positive impact of
acquisitions made by our brokerage operations. Lower claims services
revenue (in continuing operations) is primarily due to the sale of
Cambridge. "
Aon's 10-Q statement can be found from Yahoo Business here, and
contains a bit more information:
http://biz.yahoo.com/e/041109/aoc10-q.html
Aon maintains a minority financial interest in Cambridge.
Also of potential interest, as Aon was recently the owner of
Cambridge, is this rating of Aon:
""We view Aon's sale in its stake as mostly a way to avoid perceived
conflicts of interests of an insurance brokers owning a stake in an
insurance company, in light of NYAG's scrutiny of the
property/casualty industry," Gelb wrote. "We believe Aon's actions
will have implications for other brokers. For example, MMC may be
pressured sell its stake in Axis Capital to avoid perceived conflicts
of interest with insurers."
Endurance Specialty Insurance Ltd., Endurance Reinsurance Corporation
of America and Endurance Worldwide Insurance Ltd. all are rated A
(Excellent) by A.M. Best Co."
A.M. Best Newswire, Dec 6, 2004 pNA, Aon Sells Endurance Stake for
More Than $320 Million., provided by Comtex.
Aon's net income prior to the sale of Cambridge was as follows:
AON has reported net income of USD 180m compared to USD 155m for the
2nd quarter - first half figures are USD 371m and USD 316m
respectively. Consolidated revenues were up 6% for the 2nd quarter and
7% for the 6 months.
Europe Intelligence Wire, August 5, 2004 pNA
NET INCOME UP AT AON. InsuranceNewsLink.com
________________________________________________
The Yahoo finance page for Cambridge can be found here:
http://biz.yahoo.com/ic/127/127501.html
From this site, the company has 2,200 employees, and 2005 revenues
totalling $120.30 million
________________________________________________
The Hoover's page on Cambridge can be found here:
http://www.hoovers.com/free/co/news/list.xhtml?ID=127501&Name=cambridge-integrated-services&Ticker=
More information is available from Hoover's on a subscription basis,
including their Report Builder tool, which allows you to include
various data in a customized report, including financial information.
________________________________________________
Dun & Bradstreet offers multiple research reports on Cambridge,
costing from $10 to $139. Here is the site:
http://smallbusiness.dnb.com/company-information-product-list.asp?referrer=hoovers.com&partner=hoovers&cm_mmc=eLicensing*Hoovers*COMPANYNEWS*Free+Member&key=612047787&bhcd2=1116379287
The Comprehensive Insight Plus Report ($139 or $118.15 with
subscription) includes information on payment trends,
creditworthiness, etc. Details of what's included in this report can
be found here:
http://smallbusiness.dnb.com/credit-reports/comprehensive-insight-plus-detail.asp?addtoorder=True&country=US&cmeid=IOS200222&cm_re=company%2Dinformation%2Dproduct%2Dlist%2Easp*index%5F1*Comprehensive+Insight+Plus+Report
________________________________________________
The following is a somewhat dated (they still list that Cambridge is
owned by Aon) page that may also be of some benefit, from
EmployerHealth.com:
http://www.employerhealth.com/EHR_sample_pages/sp6570.htm
This site estimates sales volumes at $280 million. Their Case
Management activities are described as follows:
"Cambridge Integrated Services Group, Inc. has a total of 90 total
case management employees, 43 certified case managers, 76 medical
professionals that are full time, and 75 RNs. Cambridge Integrated
manages over 13,795 cases. We have been managing cases since 1998. Our
parent company is Aon Corp. Some of the services we provide are onsite
case management, telephone case management, patient education, online
case reports, outcomes measurement, specialty referral review,
integrated disability management, referrals to alternative settings,
absence management, and written case reports. We have 23 offices
nation wide to serve you. Compensation: PEPM; per hour; per case; flat
fee."
________________________________________________
Asia Africa Intelligence Wire, Dec 4, 2004 pNA, from Business Line
This article from the Financial Times quotes Cambridge as being a $230
million company - slightly different than other sources.
________________________________________________
Although the terms of the sale of Cambridge were not disclosed, the
purchase price has been estimated by Business Week at $175 million:
"On Oct. 30, Scandent Group, an Indian-owned Singapore company with
operations in Bangalore, bought Cambridge Integrated Services Group,
the $230 million back-office arm of Chicago insurer Aon Corp., for an
estimated $175 million. That makes Scandent the third-largest
insurance back-office outfit in the U.S. While Cambridge will remain a
U.S. company, Scandent plans to list it on the Indian stock exchange."
Business Week, Nov 22, 2004 i3909 p58, LET THE DEALS BEGIN; As
Bangalore's outsourcing industry surges, takeovers will be fast and
furious. Manjeet Kripalani; Josey Puliyenthurethel.
This article estimates the sale at $110 million:
"In one of the biggest cross-border acquisitions in the BPO sector,
the Scandent group will pay about $110m to buy a majority stake in the
claims processing subsidiary of US-based Aon Corporation."
Asia Africa Intelligence Wire, Oct 4, 2004 pNA
Scandent buys out Aon arm for $110 mn. Bodhisatva Ganguly & R Sriram,
Financial Times Ltd.
________________________________________________
A new CFO was recently named at Cambridge. Here are some excerpts from
AsiaPulse News, Dec 8, 2004 pNA
CAMBRIDGE INTEGRATED SERVICES NAMES ROBERT J. FECHTMANN CFO.
"Cambridge Integrated Services Group, Inc., a leading claims and loss
cost management company, today announced that Robert J. Fechtmann,
C.P.A., 51, has been named chief financial officer, a newly created
position, which is based in Greenwich, Connecticut, United States.
Fechtmann reports to Tracey Carragher, chief executive officer.
As CFO, Fechtmann oversees financial control and expense management of
the expanding international organization, including newly integrated
ProcessMind, which provides business process outsourcing (BPO) for
insurance, financial services and healthcare industries. On Nov. 30,
Cambridge Integrated Services Group, now also a Scandent Group
company, had announced that it inducted Scandent Group's ProcessMind
subsidiary, creating one of the largest BPOs, with offices throughout
North America, Europe, Australia and Asia, including India."
...
"Instrumental in delivering high profitability margins and driving
competitive business performance for international organizations,
Fechtmann most recently served as executive vice president and CFO of
Draft, Inc., a global marketing communications company, which is the
largest direct and promotions agency in the U.S., and is a member
company of the Interpublic Group, Inc., (NYSE:IPG), one of the largest
conglomerates of advertising agencies and marketing-services
companies."
________________________________________________
The following is an excerpt from the InfoUSA.com Business Directory
via Hoover's Company Records found with Lexis-Nexis:
May 17, 2005
Cambridge Integrated Services Group, Inc.
4B Cedar Brook Dr.
Cranbury, NJ 08512
United States
* * * * * * * * * * COMMUNICATIONS * * * * * * * * * *
TELEPHONE: 609-655-8383
FAX: 609-655-0503
URL: http://www.cambridgeintegrated.com
* * * * * * * * * * COMPANY IDENTIFIERS * * * * * * * * * *
HOOVER ID: 127501
* * * * * * * * * * COMPANY INFORMATION * * * * * * * * * *
LEGAL STATUS: Private
EMPLOYEES: 2,200 (As of 2005)
* * * * * * * * * * EXECUTIVES * * * * * * * * * *
OFFICERS:
Tracey Carragher, Chairman
Robert J. Fechtmann, CFO
James Robertson, Managing Director, Sales and Marketing
* * * * * * * * * * DESCRIPTION * * * * * * * * * *
Cambridge Integrated Services offers risk management services
including liability claims, managed care, anti-fraud investigations,
and recovery services for insurance, financial services, and health
care businesses. With about 90 offices throughout the US and the UK as
well as operations in Asia and Australia, the company is one of the
largest third party business process outsourcing (BPO) providers.
Formerly a division of brokerage giant Aon , Cambridge Integrated
Services was acquired by Singapore-based technology consultant
Scandent Group in 2004.RETURN
HOOVER INDUSTRIES:
Insurance
Risk Management
* * * * * * * * * * MARKET AND INDUSTRY * * * * * * * * * *
COMPETITORS:
ChoicePoint
ISO
Marsh & McLennan
* * * * * * * * * * FINANCIALS * * * * * * * * * *
FISCAL YEAR DATE: 2005
* * * * * * * * * * INCOME STATEMENT * * * * * * * * * *
SALES: $120,300,000
LOAD-DATE: May 17, 2005
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* * * * * * * * * * FINANCIALS * * * * * * * * * *
FISCAL YEAR DATE: 2005
LOAD-DATE: May 10, 2005
CAMBRIDGE INTEGRATED SVC GROUP
17 DUNHILL LN
NORTH BARRINGTON, IL 60010-6978 UNITED STATES
TEL: 847-381-4132
ABI-NO: 238876627
COUNTY: 17097 LAKE
POPULATION: 1 - 24,999 AA
CARRIER-CODE: R010
PRI-SIC: 641112 INSURANCE
LOC-SALES: 1,000 - 499,999 AA
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 1 - 4
OFFICE-SIZE: 1 PERSON AA
CREDIT: VERY GOOD
LOAD-DATE: April 25, 2005
----------------------------------------------------
CAMBRIDGE INTEGRATED SVC GROUP
TAMPA, FL 33619 UNITED STATES
TEL: 813-628-8811
ABI-NO: 260907175
COUNTY: 12057 HILLSBOROUGH
POPULATION: 250,000 - 499,999 EE
PRI-SIC: 641110 INSURANCE-CLAIM PROCESSING SERVICES
LOC-SALES: 500,000 - 999,999 BB
LOC-EMPLOYEES: 1 - 4
CREDIT: UNKNOWN
LOAD-DATE: April 25, 2005
-------------------------------------------------
CAMBRIDGE INTEGRATED SVC
9200 KEYSTONE XING # 320
INDIANAPOLIS, IN 46240-7601 UNITED STATES
TEL: 317-816-6500 FAX: 317-816-6514
ABI-NO: 414035436
COUNTY: 18097 MARION
POPULATION: 500,000 PLUS FF
CARRIER-CODE: C025
PRI-SIC: 641112 INSURANCE
LOC-SALES: 5,000,000 - 9,999,999 EE
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 42
CREDIT: VERY GOOD
LOAD-DATE: March 14, 2005
-----------------------------------------------
CAMBRIDGE INTEGRATED SVC
622 BANYAN TRL # 100
BOCA RATON, FL 33431-5612 UNITED STATES
TEL: 561-322-7600
ABI-NO: 259147874
COUNTY: 12099 PALM BEACH
POPULATION: 50,000 - 99,999 CC
CARRIER-CODE: C037
PRI-SIC: 738999 BUSINESS SERVICES NEC
LOC-SALES: 1,000,000 - 2,499,999 CC
LOC-EMPLOYEES: 20
EXECUTIVES: DENISE DAVENPORT, PRESIDENT
CREDIT: SATISFACTORY
LOAD-DATE: March 14, 2005
------------------------------------------
CAMBRIDGE INTEGRATED SVC GROUP
10500 SAN PEDRO AVE
SAN ANTONIO, TX 78216 UNITED STATES
TEL: 210-348-1300
ABI-NO: 583150958
COUNTY: 48029 BEXAR
POPULATION: 500,000 PLUS FF
PRI-SIC: 641112 INSURANCE
LOC-SALES: 500,000 - 999,999 BB
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 1 - 4
OFFICE-SIZE: 1 PERSON AA
CREDIT: VERY GOOD
LOAD-DATE: February 16, 2005
-----------------------------------------------
CAMBRIDGE INTEGRATED SVC
1228 LOVERS LN
TALLAHASSEE, FL 32317-8424 UNITED STATES
TEL: 850-219-1300
ABI-NO: 253635635
COUNTY: 12073 LEON
POPULATION: 100,000 - 249,999 DD
CARRIER-CODE: R076
PRI-SIC: 641112 INSURANCE
LOC-SALES: 500,000 - 999,999 BB
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 1 - 4
OFFICE-SIZE: 1 PERSON AA
CREDIT: VERY GOOD
LOAD-DATE: February 16, 2005
------------------------------------------------
CAMBRIDGE INTEGRATED SVC
7324 SOUTHWEST FWY # 700
HOUSTON, TX 77074-2033 UNITED STATES
TEL: 713-296-5900 FAX: 713-296-5999
ABI-NO: 557466489
COUNTY: 48201 HARRIS
POPULATION: 500,000 PLUS FF
CARRIER-CODE: C015
PRI-SIC: 641112 INSURANCE
2ND-SIC: 641104 INSURANCE CONSULTANTS & ADVISORS
LOC-SALES: 5,000,000 - 9,999,999 EE
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 50
OFFICE-SIZE: 1 PERSON AA
EXECUTIVES: JACKIE LOGINO, MANAGER
CREDIT: VERY GOOD
LOAD-DATE: February 16, 2005
---------------------------------------------------
CAMBRIDGE INTEGRATED SVC
PO BOX H
WHIPPANY, NJ 07981-0407 UNITED STATES
TEL: 973-515-6400
ABI-NO: 581331550
COUNTY: 34027 MORRIS
POPULATION: 1 - 24,999 AA
CARRIER-CODE: B002
PRI-SIC: 641112 INSURANCE
LOC-SALES: 1,000 - 499,999 AA
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 1 - 4
OFFICE-SIZE: 1 PERSON AA
ADDRESS: 100 S JEFFERSON RD
WHIPPANY, NJ 07981
CREDIT: VERY GOOD
LANGUAGE: ENGLISH
LOAD-DATE: January 12, 2005
-------------------------------------------------
CAMBRIDGE INTEGRATED SVC
12301 NE 10TH PL # 300
BELLEVUE, WA 98005-2487 UNITED STATES
TEL: 425-453-7620 FAX: 425-637-8617
ABI-NO: 713359362
COUNTY: 53033 KING
POPULATION: 100,000 - 249,999 DD
CARRIER-CODE: C067
PRI-SIC: 641112 INSURANCE
LOC-SALES: 1,000,000 - 2,499,999 CC
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 8
OFFICE-SIZE: 1 PERSON AA
EXECUTIVES: JULIE MC CALLUM, MANAGER
CREDIT: VERY GOOD
LANGUAGE: ENGLISH
LOAD-DATE: November 9, 2004
--------------------------------------------------
CAMBRIDGE INTEGRATED SVC
350 S WARMINSTER RD
HATBORO, PA 19040-3430 UNITED STATES
TEL: 215-443-0404
ABI-NO: 811305010
COUNTY: 42091 MONTGOMERY
POPULATION: 1 - 24,999 AA
CARRIER-CODE: C024
PRI-SIC: 641112 INSURANCE
LOC-SALES: 2,500,000 - 4,999,999 DD
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 30
OFFICE-SIZE: 1 PERSON AA
CREDIT: VERY GOOD
LANGUAGE: ENGLISH
LOAD-DATE: November 9, 2004
----------------------------------------------------
CAMBRIDGE INTEGRATED SVC
87 S COMMERCE WAY
BETHLEHEM, PA 18017-8928 UNITED STATES
TEL: 610-807-3200
ABI-NO: 596920439
COUNTY: 42095 NORTHAMPTON
POPULATION: 50,000 - 99,999 CC
CARRIER-CODE: R015
PRI-SIC: 641112 INSURANCE
LOC-SALES: 5,000,000 - 9,999,999 EE
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 40
OFFICE-SIZE: 1 PERSON AA
EXECUTIVES: BARBARA BROWN, MANAGER
BARB BROWN, VP FINANCE
LLOYD HUBER, VP HUMAN RESOURCES
CREDIT: VERY GOOD
LOAD-DATE: November 9, 2004
----------------------------------------------------
CAMBRIDGE INTEGRATED SVC
PO BOX 17
MARION, IA 52302-0017 UNITED STATES
TEL: 319-373-2277 FAX: 319-373-2922
ABI-NO: 215396714
COUNTY: 19113 LINN
POPULATION: 25,000 - 49,999 BB
CARRIER-CODE: B001
PRI-SIC: 641112 INSURANCE
LOC-SALES: 1,000 - 499,999 AA
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 1
OFFICE-SIZE: 1 PERSON AA
EXECUTIVES: KAREN LIKENS, EXECUTIVE DIRECTOR
CREDIT: VERY GOOD
LOAD-DATE: August 16, 2004
--------------------------------------------
CAMBRIDGE INTEGRATED SVC GROUP
4 CEDARBROOK DR # B
CRANBURY, NJ 08512-3612 UNITED STATES
TEL: 609-655-8383 FAX: 609-655-0503
ABI-NO: 400341533
COUNTY: 34023 MIDDLESEX
POPULATION: 1 - 24,999 AA
CARRIER-CODE: R006
PRI-SIC: 641112 INSURANCE
2ND-SIC: 641104 INSURANCE CONSULTANTS & ADVISORS
LOC-SALES: UNKNOWN LL
COMPANY-TYPE: PUBLIC - SUBSIDIARY HEADQUARTER
LOC-EMPLOYEES: 40
OFFICE-SIZE: 1 PERSON AA
EXECUTIVES: NICOLE JOBLONAK, VP FINANCE
CREDIT: VERY GOOD
LOAD-DATE: August 16, 2004
------------------------------------------------
CAMBRIDGE INTEGRATED SVC
7369 SHERIDAN ST # 301
HOLLYWOOD, FL 33024-2776 UNITED STATES
TEL: 954-602-5900 FAX: 954-964-9450
ABI-NO: 595110453
COUNTY: 12011 BROWARD
POPULATION: 100,000 - 249,999 DD
CARRIER-CODE: C025
PRI-SIC: 641112 INSURANCE
LOC-SALES: 2,500,000 - 4,999,999 DD
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 21
OFFICE-SIZE: 1 PERSON AA
EXECUTIVES: MIRIAM GRIFFIN, MANAGER
MIRIAM GRIFFIN, VP FINANCE
CREDIT: VERY GOOD
LOAD-DATE: August 16, 2004
--------------------------------------------------
CAMBRIDGE INTEGRATED SVC
9450 BRYN MAWR AVE # 500
ROSEMONT, IL 60018-5274 UNITED STATES
TEL: 847-671-9200 FAX: 847-671-0067
ABI-NO: 859529935
COUNTY: 17031 COOK
POPULATION: 50,000 - 99,999 CC
CARRIER-CODE: C016
PRI-SIC: 641112 INSURANCE
2ND-SIC: 641104 INSURANCE CONSULTANTS & ADVISORS
LOC-SALES: 2,500,000 - 4,999,999 DD
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 26
OFFICE-SIZE: 1 PERSON AA
CREDIT: VERY GOOD
LOAD-DATE: June 14, 2004
-------------------------------------------------
CAMBRIDGE INTEGRATED SVC
4341 B ST
ANCHORAGE, AK 99503-5912 UNITED STATES
TEL: 907-762-6400 FAX: 907-563-5328
ABI-NO: 877757187
COUNTY: 02020 ANCHORAGE
POPULATION: 250,000 - 499,999 EE
CARRIER-CODE: C032
PRI-SIC: 641102 INSURANCE ADJUSTERS
LOC-SALES: 5,000,000 - 9,999,999 EE
COMPANY-TYPE: PUBLIC - BRANCH
LOC-EMPLOYEES: 44
CREDIT: VERY GOOD
LOAD-DATE: June 14, 2004
--------------------------------------------------------------------------------------
I imagine that the Dun & Bradstreet report mentioned above would be
the best source of financial analysis beyond what I have provided
here.
I hope this information is useful. I will post any additional
information I can locate. Please feel free to request clarification.
-welte-ga |
