CRC Group, one of the largest wholesale distributors of specialty insurance products in the United States, has continued its 2020 growth spurt with the acquisition of Specialty Risk Associates, Inc., an MGA and surplus lines broker based in Shreveport, LA.
The acquisition boosts CRC’s capabilities in binding, transportation binding, and personal lines, particularly in Louisiana, Mississippi and Texas. It’s been a busy year for CRC in those segments, with the wholesale broker adding more than 80 new producers and several new offices focused on those product lines.
CRC Group CEO Dave Obenauer commented: “We’ve long admired and respected the Specialty Risk Associates team. We’re excited to welcome them into the CRC Group family, and we will work together closely on the integration to be sure we bring the best of both firms to our retail agency clients.”
Specialty Risk Associates will now be part of CRC Group’s commercial solutions division. Over the coming months, they will integrate their operations, but until then, the company will operate under its current brand name with no changes to location or underwriter contact details.
“Partnering with CRC Group will allow us to bring more to our retail agent partners,” said John Wood, President and CEO of Specialty Risk Associates. “Our underwriters will have access to expanded products, additional carriers, and industry leading technology – like CRC’s REDY platform. We believe the CRC Group team shares our values and our commitment to customers, and we are truly looking forward to the new opportunities this combination will bring.”
