British private equity firm CVC Capital Partners said Monday that it has agreed to buy Cunningham Lindsey Group Ltd. from the Tampa, Florida–based insurance claims adjuster’s current owners, Stone Point Capital and Fairfax Financial Holdings Ltd.

Though CVC did not disclose the transaction’s financial terms, Bloomberg, citing an anonymous source, reports that the deal values Cunningham at anywhere from $900 million to $1 billion, including debt. Fairfax, meanwhile, released a statement Monday saying that it will receive roughly $260 million for its Cunningham stake—$35 million of which it plans to reinvest in Cunningham once the sale closes. In announcing the deal, CVC noted that Fairfax, Stone Point, and Cunningham management will all remain “substantial and active shareholders.”

Cunningham is one of the world’s largest loss adjusting and claim management companies, with more than 7,000 employees spread across more than 60 countries. Stone Point paid Fairfax roughly $80 million in 2007 to acquire a 51 percent stake in—and operating control of—Cunningham. (Bloomberg notes that Fairfax held a 43 percent stake in Cunningham as of June 30, with the remaining stake being publicly traded.)

Weil, Gotshal & Manges and Magic Circle firm Clifford Chance are advising CVC on the acquisition. Both have a history of working with the London-based private equity firm. Clifford Chance, for instance, represented CVC earlier this year on its $105 million investment in Chinese pharmaceutical venture Venturepharma Group. And CVC turned to Weil last year as counsel on a $1.9 billion bid for trading software company ConvergEx Group that was eventually abandoned due to regulatory concerns.

The Weil team on the Cunningham deal is led by private equity partner Douglas Warner and also includes M&A partner Jon-Paul Bernard, banking partner Angela Fontana, and tax partner Marc Silberberg. Clifford Chance attorneys on the deal include M&A partner Kem Ihenacho and employment partner Imogen Clark.

Debevoise & Plimpton is acting as counsel to Cunningham on the transaction. M&A partner Stephen Hertz is leading a Debevoise team that also includes intellectual property partner Jeffrey Cunard, tax partner Vadim Mahmoudov, and finance partner Pierre Maugüé.

Debevoise advised Stone Point in 2007 when the private equity investor acquired its majority stake in Cunningham.