CRC Group has agreed to accumulate Atrium Underwriting from funding funds managed by Stone Level Capital, together with different traders.
The monetary phrases of the deal haven’t been disclosed.
Atrium Underwriting, a Lloyd’s underwriting entity managing Syndicate 609, specialises in writing specialty insurance coverage and reinsurance throughout property, casualty, and different specialty enterprise teams.
The corporate generated $1.3bn of gross written premium final yr.
Atrium CEO John Fowle said: “The boldness proven by CRC Group in Atrium is a testomony to the sturdy enterprise and model that has been created for the reason that firm’s inception in 1984.
“As we transfer to the following section of Atrium’s historical past, we’re poised to ship our strategic transformation agenda, one which builds on our crew’s distinctive tradition and Atrium’s long-standing status for delivering a constant return on capital to its third-party capital suppliers.”
Publish-acquisition, Atrium will proceed to function independently below its present model identify inside the CRC Group, retaining its present administration crew.
The acquisition is scheduled for completion within the third quarter of the yr, topic to plain closing circumstances and regulatory approvals.
CRC Group CEO Dave Obenauer said: “As our first funding exterior of North America, this marks an thrilling and important milestone in our firm’s evolution.
“Atrium’s well-established status, disciplined underwriting tradition, and specialised product choices align completely with our imaginative and prescient for strategic progress.
Earlier this yr, CRC Group acquired ARC Extra & Surplus, a specialty wholesale insurance coverage distributor.
ARC was built-in into CRC Specialty and continued with its present management crew post-acquisition.
