Sedgwick Claims Management

World's largest claims management company. Serial PE flips: Hellman & Friedman → KKR/Stone Point → Carlyle ($6.7B, 2019). 27,000 employees processing insurance claims. PE profit model: automate claims processing, deny more claims faster, cut adjuster headcount. Each PE owner loads more debt. $4.4B debt on a service company with thin margins. When your insurance claim gets denied, PE might be why.