CRC Group, a wholesale and specialty insurance distributor in the United States, has reached a definitive agreement to purchase the assets of Continental Underwriters, a specialist provider of primary marine, excess marine liabilities, ocean cargo, and inland marine insurance.
The acquisition significantly expands CRC Group’s capabilities in specialty marine markets. Once the transaction is closed, Continental will become part of CRC Group’s Programs Division.
Commenting on the acquisition, Dave Obenauer, CEO of CRC Group, said: “Over the last 50 years, Continental has built a successful track record of helping agents and insureds craft tailored marine, excess marine, inland marine, and cargo coverages. Equally as important, the team has delivered outstanding underwriting results for their carrier partners. We’re looking forward to welcoming the team to the CRC Group family.”
Covington, LA-headquartered Continental has additional offices in New York, NY; Houston, TX; Chicago, IL; Knoxville, TN; and Seattle, WA. Fidelis Marine Underwriters and Fidelis Claims Services, which provide underwriting, broker services, claims management and loss control assistance, will also be included as part of the deal.
“CRC Group’s commitment to delivering the best solutions to clients made them a great fit for our team,” said H. Elder Brown III, CEO of Continental Underwriters. “We’re excited to continue growing and investing in our business, and we are confident this partnership with CRC Group will provide us with the tools to accomplish that on an even broader scale going forward. We will continue to provide our clients with the same security, service, and capabilities they have come to expect from our team.”
The terms of the sale were not disclosed.