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 group.
Established in 1986 by Chris Cavallaro, ARC is a boutique administration {and professional} legal responsibility wholesale dealer.
The New York-based firm expanded its providers over time to incorporate property and casualty merchandise.
It at the moment operates six places of work 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 mentioned: “CRC’s nationwide scale, technology-driven platform, and dedication to excellence align completely with our imaginative and prescient for ARC.
“Collectively, we can provide even larger worth, broader market entry, and progressive options to our shoppers 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, sturdy retail and provider relationships, and confirmed management will improve our means to ship best-in-class options throughout the trade. We’re excited to welcome Chris, Mike, and the complete ARC group to CRC Group and stay up for the speedy impression they are going to have in strengthening our ExecPro observe.”
The most recent deal follows CRC Group’s buy of SLB Insurance coverage Group, targeted on small-to-midmarket P&C, trucking and private strains insurance coverage, in December 2024.
