The acquisition of Continental Underwriters is expected to expand speciality marine services of CRC Group
CRC Group, a US-based wholesale distributor of insurance products, has agreed to acquire Continental Underwriters, a Louisiana-based insurance provider, for an undisclosed amount.
The terms of the transaction were not revealed.
Established in 1970, Continental Underwriters offers hull and machinery, protection and indemnity (P&I), marine and excess liabilities, inland marine and ocean cargo insurance coverages.
The firm is headquartered in Covington, Louisiana with additional offices in New York, Houston, Texas, Chicago, Illinois, Knoxville, Tennessee and Seattle, Washington.
Additionally, the firm provides underwriting, claims management, loss control assistance and broker services.
CRC Group CEO Dave Obenauer 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.
“Continental significantly expands our capabilities in these speciality insurance markets, and we are looking forward to welcoming the team to the CRC Group family.”
Once the deal is closed later this year, Continental Underwriters will be part of CRC’s Programs Division. CRC Group and Continental Underwriters will work together to integrate their operations upon closing of the deal.
The deal also includes Fidelis Marine Underwriters and Fidelis Claims Services, which offer underwriting, broker services, claims management and loss control assistance.
Continental Underwriters CEO H. Elder Brown III said: “CRC Group’s commitment to delivering the best solutions to clients made them a great fit for our team.
“We are 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.”
Last month, CRC had completed the acquisition of W. Brown & Associates Property & Casualty, a California-based surplus lines brokers and MGA, for an undisclosed amount.