Cadex Insurance Recovery

Recover More with Specialized Subrogation Solutions & Second Injury Fund Expertise

At Cadex Insurance Recovery (CIR), insurance subrogation isn’t just part of what we do—it’s our entire focus. Our team averages over 20 years of claims and insurance experience, delivering cost-effective solutions that boost recoveries and reduce losses.

Our proprietary processes, technical expertise, and nationwide panel counsel ensure superior results, whether handling smaller losses or large, complex, and litigated claims.

Maximize recoveries while minimizing costs with expert-driven solutions.​

From investigation to resolution, we capture every opportunity to recover what you’re owed. 

Our subrogation services include:

  • Auto Physical Damage including Loss of Use
  • Specialized Vehicle Fire Investigation and Loss Recovery
  • Property Loss including Large Loss
  • Workers’ Compensation & Second Injury Fund
  • Nationwide Litigation and Litigation Management
  • Arbitration and Mediation

Targeted Solutions Across Key Areas of Recovery

End-to-End Subrogation Built for Carriers and Self-Insured Businesses

Cadex partners with insurance carriers and self insured business or businesses with high deductibles, to enhance subrogation performance across all claim types and sizes—without disrupting your existing model. Whether your team handles subrogation in-house or through a TPA, we offer flexible support to fill gaps, reduce leakage, and drive stronger recovery outcomes.

Our model helps carriers:

Flexible engagement models to fit your operation:

  • Scale subrogation efficiently without adding headcount
  • Reduce cycle times and backlogs
  • Improve recovery rates across multiple lines
  • Free up internal resources for higher-value work
  • Full Outsourced Subrogation – We manage the entire process for maximum efficiency and results
  • Program Augmentation – We support internal teams with overflow recovery and expertise
  • Temporary In-House Support – Our specialists embed directly into your claims team

Want to Recover More?

Explore our full subrogation brochure to see how Cadex maximizes every opportunity

CLICK HERE TO DOWNLOAD

Loss of Use Recovery for Corporate Fleets

Whether it’s $2,500 in rental replacement costs or $50,000 in downtime for a heavy-duty unit, Cadex ensures you recover the full amount you’re owed.

Loss-of-Use (LOU) claims are often missed or undervalued—despite their potential to be 1–2x the physical damage amount. We help overturn denials, navigate state laws, and secure the reimbursements others leave behind.

We serve commercial and specialty fleets across:

  • Tractor-trailers
  • Tour and school buses
  • Heavy-duty trucks
  • Ambulances and safety vehicles
  • Construction fleets

CASE STUDY

National School Bus Operator

Recovered $1.1M in Loss of Use in Year 1 Alone.

CLICK HERE TO DOWNLOAD

Enterprise-wide solutions to optimize Second Injury Fund (SIF) recoveries—from start to finish.

With over 25 years of experience, we help increase recovery rates through tailored solutions focused exclusively on Second Injury Fund claims. We bring unmatched legal expertise, state-specific knowledge, and scalable solutions to ensure every eligible fund is recovered.

Our extensive experience with Second Injury Funds ensures the complete and timely recovery of all reimbursements.

Our SIF specialists and in-house attorneys work seamlessly with your claims team, reducing administrative burdens.

With tailored recovery programs and a contingency-based fee model, we consistently achieve results that are 25% higher than in-house efforts.

$1.5bn+ in Recoveries
Over $1.5 billion recovered for our clients
New Submissions & On-Going Claims
Comprehensive handling of new submissions in open states, (LA, MA, NV, NH), and takeover of established and ongoing national reimbursement claims in both open, and closed SIF states, including, but not limited to NY, FL, SC, GA, and others
  • Comprehensive File Reviews

    Comprehensive File Reviews

    Ensure all viable SIF claims are identified.

  • Proven Track Record

    Proven Track Record

    Oven $1.5bn in recoveries and ongoing national programs in closed-fund states.

  • Seamless Integration

    Seamless Integration

    Take over ongoing reimbursement claims with ease.

  • Scalable Solutions

    Scalable Solutions

    Efficient of high-volume claim reimbursements handling at minimal cost.

Assign your claim today and maximize recoveries with expert subrogation and SIF solutions

Contact Us Today
  • CONTACT US

Ready to Maximize Your Recoveries?

We look forward to learning more about your priorities and how we can help.

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  • Chief People Officer

Shannon Martinson

Shannon joined Cadex Solutions in October 2023 as Chief People Officer. She is responsible for transforming Human Resources into a strategic, global department to support the company’s continued growth. Shannon brings over 20 years of progressive HR experience to Cadex through working in both private and public sectors, which includes executive coaching, building highly effective teams, assisting with global M&A activities, and ensuring adherence to legal and compliance standards.

Shannon began her career with ING Investments, where she quickly advanced to leading an HR team. At ING, she created a staffing needs model, coordinated office closures and moves, and provided global M&A support. Shannon served Endurance International Group as a global HR leader, where she held a pivotal role in the company’s growth from 750 employees to over 1,200 employees in less than a year. When Endurance International Group was acquired, Shannon supported leadership with communication and transitional activities.

Shannon attended Arizona State University, where she earned a BA in Business Communication and a BA in French, after completing her studies in Lille, France. She resides in Scottsdale, Arizona, with her husband and their two dogs. They enjoy scuba diving, hiking, watching football, and spending time with friends and family.

  • Chief Revenue Officer

Neil Rae

Neil has more than 25 years of experience within the business process outsourcing industry with a focus on customer experience, contact center, and digital transformation solutions. He joined Cadex in March 2024 and is responsible for directing the company’s growth organization, which includes sales, marketing, and client experience. He oversees the functional leadership of each department to develop and execute Cadex’s go-to-market strategies and its plans for continued growth.

Most recently, Neil was with VXI Global Solutions, LLC, a global leader in technology-enabled customer experience, where he was responsible for strategic consulting engagements and customer experience roadmap development for some of the world’s most respected brands. He served VXI in successive roles as chief client officer, chief revenue officer, and chief digital officer. Prior to joining the VXI, Neil held several executive positions at Hinduja Global Services and at Transcom Worldwide, where he oversaw and implemented a turnaround strategy for a $150M region of the publicly-traded company.

A proud Torontonian, Neil has a strong passion for humanity, specifically in the areas of impact sourcing, DEI&B, and in supporting non-profit organizations. When he’s not growing the bottom line of global companies, Neil enjoys golfing and traveling because (in his own words) he’s too old for playing hockey. Neil earned a Bachelor of Arts degree from the University of Guelph in Ontario, Canada.

  • Chief Financial Officer

Robert M. States

A CPA with more than 35 years of financial services experience, Bob oversees multiple areas of Cadex’s finance and accounting functions, in addition to corporate planning resources. He works with the company’s executive team and the leadership of its family of brands to assess and improve financial and operational performance throughout the organization.

Bob joined Cadex in June 2023 upon the company’s acquisition of ABC-Amega, Inc., where he has been serving as Chief Financial Officer since 2011. Bob is a former CFO for Liazon Corporation, a Buffalo-based provider of online health insurance services, and Chief Operating Officer for COPC Inc., a leading authority on customer contact center and vendor management operations. He was issued a patent in 2012 (US 8,219,420).

Bob was named to Business First’s 2019 list of C-Level Executives, which recognizes Western New York’s most effective business leaders. He began his career in finance as an accountant for industry leader KPMG. He holds an MBA in Finance and Accounting from St. Bonaventure University; and serves on the Board of Directors for SABAH (Spirited Athletes Bold at Heart) as Treasurer.

Residing in East Amherst, NY with his wife Stephanie, Bob is an avid runner, having completed three marathons and six half marathons. For several years, he and his wife have volunteered and served on the board for Brother’s Keeper Outreach, a Western New York food pantry and clothing ministry, where Bob also held the role of Chairperson from 2020 – 2023.

  • Chief Operating Officer

Riley Pentecost

Riley joined Cadex’s leadership team in April 2021. With more than 30 years of accounts receivable management experience, Riley oversees global operations for Cadex’s family of brands.  

Most recently, Riley served as the Global Vice President of Operations for Alorica, which was previously part of the West Corporation (known as West Asset Management). Riley’s work history in accounts receivable management and cost containment includes exposure to several niche industries, including telecommunications, healthcare, and insurance. His ARM tenure spans both first- and third-party receivable management services across many industries worldwide. He is well-versed in leveraging proprietary technology tools and data to improve clients’ business processes and cash flow through both on- and off-shore solutions.

Riley began his career as a collections representative and progressed through roles in training, collections management, portfolio and operational strategy, and management operations. When he’s not working to improve DSO for commercial businesses around the world, you can find Riley proudly waving his “Terrible Towel” while cheering on his beloved Pittsburgh Steelers. Riley resides in Omaha, NE with his family. As Disney aficionados, you may frequently spot them in “The House of the Mouse.” 

  • Chief Information Officer

Seth Carter

As CIO for Cadex, Seth provides the vision for the company’s digital transformation strategy while managing the technology products and service-delivery architecture. His passion for the last 15 years has been applying machine learning and behavioral sciences-based prediction models to software products in financial settings.

Before joining Cadex, Seth was the co-founder and Chief Scientist of Altisource Labs, where he designed, built, and managed recovery optimization modeling engines, workflow platforms, and contact strategy for a global network of accounts receivable and mortgage servicing associates. Before transitioning into the corporate sector, Seth spent ten years as a professor and researcher of consumer behavior, statistics, and negotiation techniques. He authored multiple research articles and developed a patent integrating behavioral sciences techniques and statistical modeling into collections strategy.

Seth earned a PhD and MS in Social Psychology from the University of North Carolina at Chapel Hill and a Bachelor of Science in Psychology from High Point University. He resides in Winston-Salem, NC with his wife, Jessie, and their children. His passions outside of work include playing electric guitar to lead worship at church, building things in his workshop, and cooking for his family. When he turns his back in the kitchen, the family’s counter-cruising golden retrievers may serve as his uninvited taste-testers.


  • Chief Executive Officer

John Fisher

John serves and was appointed as Chief Executive Officer of Cadex (formerly known as BII Services Corporation) in February 2021. He is responsible for overseeing the company’s long-term vision, strategy, and corporate growth objectives. John brings more than 25 years of experience in operations strategy, financial and business development, and leadership to this role.

Prior to Cadex, John served as President of Altisource Portfolio Solutions’ financial services division, which was focused on accounts receivable management, customer relationship management, and BPO services. John’s previous work experience includes time as Senior Vice President for 1st Party Services for West Asset Management, Managing Director for Triton Management Services, a private equity consulting practice, Director, Business Development for Broadpoint, a media and e-commerce company, and finance roles at Procter & Gamble.

John earned an MBA from Cornell University and a Bachelor of Arts in Economics from St. John Fisher College. He currently resides in Long Island, NY with his wife, Jeannie. When he’s not making privately-owned companies stronger, John enjoys the occasional round of golf, ski biking, and traveling with his wife.

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