Independent insurance wholesaler CRC Group said it has acquired specialty wholesale distributor ARC Excess & Surplus.
Terms were not disclosed.
ARC was founded in 1986 by Chris Cavallaro as a boutique management and professional liability wholesale broker, and then later added property/casualty products. It operates six offices in New York, California, Florida, Georgia, New Jersey and Connecticut. ARC has more than $1 billion in annual premiums and serves over 2,000 retail brokers.
ARC will join CRC Specialty, continuing to operate under its existing leadership team.
CRC said the acquisition “meaningfully strengthens the combined company’s ExecPro practice group.”
“This acquisition marks a major step forward as we continue to build CRC’s specialty capabilities,” said Dave Obenauer, CEO of CRC Group, in a statement. “ARC’s deep expertise in professional liability, strong retail and carrier relationships, and proven leadership will enhance our ability to deliver best-in-class solutions across the industry.”
Earlier this year CRC Group announced that its TIH brand will be sunsetting and replaced by CRC Group as the company’s corporate brand. The firm also announced a new divisional structure, operating under two divisions: Specialty + Benefits and Underwriting.
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