CRC Group, a nationwide wholesale distributor of specialty insurance products, announced today that it has reached a definitive agreement to acquire the assets of Continental Underwriters, a leading provider of primary marine, excess marine liabilities, ocean cargo, and inland marine insurance.
“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,” said Dave Obenauer, CEO of CRC Group. “Continental significantly expands our capabilities in these specialty insurance markets, and we are looking forward to welcoming the team to the CRC Group family.”
“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 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.”
Continental is headquartered in Covington, LA with additional offices in New York, NY; Houston, TX; Chicago, IL; Knoxville, TN; and Seattle, WA. Fidelis Marine Underwriters and Fidelis Claims Services will also be included in the transaction. They provide underwriting, broker services, claims management and loss control assistance.
The firms expect to close the transaction later this year, and once complete, Continental will be part of CRC Group’s Programs Division. CRC Group and Continental Underwriters will work together to integrate operations after closing. The terms of the sale were not disclosed.