US-based specialty insurer CRC Group has bought ARC Extra & Surplus (ARC), a specialty wholesale insurance coverage distributor, for an undisclosed sum.
ARC will combine into CRC Specialty, retaining its current management crew.
Established in 1986 by Chris Cavallaro, ARC is a boutique administration {and professional} legal responsibility wholesale dealer.
The New York-based firm expanded its companies through the years to incorporate property and casualty merchandise.
It at the moment operates six workplaces throughout the US, together with New York, California, Florida, Georgia, New Jersey, and Connecticut.
ARC’s community consists of greater than 250 provider companions and serves over 2,000 retail brokers nationwide.
Producing over $1bn in annual premium, ARC is alleged to carry “vital scale” to CRC.
ARC CEO Michael Cavallaro stated: “CRC’s nationwide scale, technology-driven platform, and dedication to excellence align completely with our imaginative and prescient for ARC.
“Collectively, we can supply even better worth, broader market entry, and progressive options to our purchasers whereas sustaining the excessive stage of service they anticipate.”
The acquisition will bolster the merged enterprise’ ExecPro apply group.
CRC Group CEO Dave Obenauer stated: “This acquisition marks a serious step ahead as we proceed to construct CRC’s specialty capabilities.”
“ARC’s deep experience in skilled legal responsibility, robust retail and provider relationships, and confirmed management will improve our skill to ship best-in-class options throughout the business. We’re excited to welcome Chris, Mike, and the whole ARC crew to CRC Group and look ahead to the fast impression they may have in strengthening our ExecPro apply.”
The newest deal follows CRC Group’s buy of SLB Insurance coverage Group, centered on small-to-midmarket P&C, trucking and private strains insurance coverage, in December 2024.
