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 present management staff.
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 over time to incorporate property and casualty merchandise.
It at present operates six places of work throughout the US, together with New York, California, Florida, Georgia, New Jersey, and Connecticut.
ARC’s community contains greater than 250 service companions and serves over 2,000 retail brokers nationwide.
Producing over $1bn in annual premium, ARC is claimed to convey “important scale” to CRC.
ARC CEO Michael Cavallaro mentioned: “CRC’s nationwide scale, technology-driven platform, and dedication to excellence align completely with our imaginative and prescient for ARC.
“Collectively, we will supply even larger worth, broader market entry, and modern options to our purchasers whereas sustaining the excessive stage of service they anticipate.”
The acquisition will bolster the merged enterprise’ ExecPro observe group.
CRC Group CEO Dave Obenauer mentioned: “This acquisition marks a significant step ahead as we proceed to construct CRC’s specialty capabilities.”
“ARC’s deep experience in skilled legal responsibility, robust retail and service relationships, and confirmed management will improve our potential to ship best-in-class options throughout the trade. We’re excited to welcome Chris, Mike, and your complete ARC staff to CRC Group and sit up for the quick influence they may have in strengthening our ExecPro observe.”
The newest deal follows CRC Group’s buy of SLB Insurance coverage Group, targeted on small-to-midmarket P&C, trucking and private traces insurance coverage, in December 2024.
