Claims Management Resources
How we got $129.6M
Based on its 160 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 38 years (since 1988)
- No family successor named on its website
From public records and the company's website, not a statement that it's for sale.
What they do
Claims Management Resources helps utility companies, Departments of Transportation, municipalities and other governmental entities recover costs from third-party property damage claims. It manages the recovery process from initial reporting through resolution.
From the company's website. Industry: Insurance agencies.
Estimated value over time
▲ 63% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 33% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 160 | $51.4M |
| 2020 | Form 5500 | 227 | $73.0M |
| 2021 | Form 5500 | 197 | $63.3M |
| 2022 | Form 5500 | 210 | $67.5M |
| 2023 | Form 5500 | 212 | $68.2M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| CLAIMS MANAGEMENT RESOURCES this business | $74.2M | — |
| ACCOUNT MANAGEMENT RESOURCES, LLC Oklahoma City · 19 employees | $8.8M | 0.0 mi |
| Farmers Insurance - Todd Jackson Oklahoma City | $493K | 0.2 mi |
| KRUGER INVESTMENT COMPANY Oklahoma City · 3 employees | $592K | 0.3 mi |
| Johnston Legal Group Pc Oklahoma City | $493K | 0.4 mi |
| American Handwerk Inc Oklahoma City | $493K | 0.4 mi |
| Whitlow Insurance Solutions, Llc Oklahoma City | $985K | 0.4 mi |
The full calculation
| Employees reported to the SBA | 160 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $85.7M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $64.2M |
| Estimate: the two combined (geometric mean) | $74.2M |
| EBITDA margin (industry, adjusted for size) | 19% |
| EBITDA = revenue × margin | $14.4M |
Brought up to date: prices are 10% higher than in the benchmark's year and Oklahoma employment in this industry has grown 31% since 2020, both included above.
| Estimated value = EBITDA × typical sale multiple | $129.6M |
| Multiple for this size and industry | 9× |
| Value range | $77.8M – $202.2M |
| Revenue range | $55.6M – $96.4M |
| EBITDA range | $10.8M – $18.7M |
| Industry (NAICS) | Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“Claims Management Resources (CMR) began in 1988 in Oklahoma City, where our headquarters and 200 employees still call home.”
Leadership
- JTJ. Taylor FudgeManaging Partner · Company website · source
- HSHelen S. Rambo, MBA, CPAChief Financial Officer · Company website · source
- JHJill Hudson, ESQ., SPHRHuman Resources Director · Company website · source
- JBJana B. GridleyBusiness Development Manager · Company website · source
Advisors
- AccountingForvis Mazars LLPAudits its 401(k) plan (2023 filing)
- BankingNBC OklahomaPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| NBC Oklahoma PPP 2020 | All 526 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/15/2020 | first | $1.6M | 160 |
2 locations
| 726 W SHERIDAN AVE | Oklahoma City | This listing |
| 615 N Classen Blvd | Oklahoma City | View |
Revenue, profit and value are for the whole company.
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Claims Management Resources
Claims Management Resources is an insurance agencies company in Oklahoma City, Oklahoma, in business since 1988. It is owned by Jonathan D. Musgrove (President & CEO). Its estimated annual revenue is about $74.2M, with roughly $14.4M of EBITDA. It has about 212 employees. Its estimated business value is $129.6M (likely range $77.8M–$202.2M). It has 2 locations.
Common questions
- Who owns Claims Management Resources?
- Claims Management Resources is owned by Jonathan D. Musgrove (President & CEO), according to public sources such as the company's website or filings.
- How much revenue does Claims Management Resources make?
- SeeBITDA estimates Claims Management Resources's annual revenue at about $74.2M (likely between $55.6M and $96.4M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Claims Management Resources worth?
- About $129.6M, roughly 9× its estimated EBITDA of $14.4M, typical for a insurance agencies company its size. Likely range: $77.8M–$202.2M.
- How many employees does Claims Management Resources have?
- About 212, from its 2023 retirement-plan filing.
- When was Claims Management Resources founded?
- Claims Management Resources has been in business since 1988.