CRC Insurance Services
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An average of 81% of property accounts renewed with no rate increase. -
The executive will continue to lead CRC Insurisk in the expanded role.
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Renewal rates fell, despite elevated catastrophe losses.
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A London wholesaler broker would be a compelling second move.
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The CD&R and Stone Point-backed wholesaler said that further international deals may follow.
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Sixth Street and Cornell also bid for the wholesaler.
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The exchange is backed by $100mn in funding from CD&R and others.
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They cover environment, political violence, equipment and cannabis.
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It acquired wholesaler ARC Excess & Surplus, confirming an earlier report from this publication.
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The program is being launched through subsidiary Southern Marine.
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After a period of business building, MGAs will likely spend more time optimizing.
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The group will house a segment for specialty and benefits and another for underwriting.
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Talks are not preliminary, but a deal is not imminent for the two brokers, sources said.
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Daniela Mills joins after more than eight years at Lockton.
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The announcement confirms this publication’s report that Grim resigned from Brown & Riding.
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Challenges in claims frequency and carrier competition are likely to remain.
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This is CRC’s first purchase since parent TIH sold retail broker McGriff to MMA.
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The broker has seen an “outpouring of interest” from talent looking to join since the Truist exit.
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Tony McIntosh and Eric Morrison both join from TruPoint Underwriters.
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A quick roundup of today’s need-to-know news, including the CrowdStrike outage and a hire at SiriusPoint.
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Brent Tredway, Brennan Paris and Chris Carlson were all designated new roles.
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Additionally, the company hired in Florida and Indiana.
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He will assume the role of office president in mid-2025.
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The company has promoted CUO Sim Bridges to president, while retaining the CUO role, and Kim Bushong Petrillo to president and COO.
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Based in Chicago, the executive will report to national casualty practice group leader Bob Greenebaum.
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Keith Allred will succeed the late Bill Pinson, who passed away in June.
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The $3bn+ unit combines CRC Programs and the recently acquired Constellation Affiliated Partners.
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Commercial auto, hospitality, public entity and higher ed are among the sectors seeing continued rate hikes and limited capacity, according to CRC Group.
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Around 16% of the wholesaler’s accounts absorbed rate rises above 20% in March and the other 31% saw rate increases between 10% and 19%.
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The program offers E&O insurance coverage for real estate agents, appraisers, title agents, abstractors, home inspectors and mortgage brokers.
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The wholesaler also said the ultimate size of industry claims from Winter Storm Uri and Hurricane Ida were less relevant than shock unmodeled loss components.
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CRC executives discussed Covid-19 exclusions, the senior living space and sexual misconduct in the healthcare liability market on CRC Group’s latest podcast.
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CRC Group has continued to expand its operations in the south of the US, with the acquisition of a broking team and renewal rights from Houston-based MGA Griffin General Agency.
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The executive previously spent 10 years at AIG in energy underwriting roles, including in the carrier’s North American oil and petrochemical segment.
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The broker also says that residential umbrella coverage in New York and in the southeast has become increasingly difficult to obtain.
