CRC Group, the Charlotte, North Carolina-based wholesale specialty insurance distributor, has entered a definitive agreement to acquire Lloyd’s managing agency Atrium Underwriting Group Ltd. from investment funds managed by Stone Point Capital LLC and other investors.
Atrium will retain its brand name and independence under the leadership of its current management team within the CRC Group.
Financial details of the transaction were not disclosed. It is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals.
Atrium is a premier Lloyd’s underwriting business that manages Syndicate 609 and writes specialty insurance and reinsurance across property, casualty, and specialty business groups, CRC Group said.
The company generated $1.3 billion in gross written premium in 2024 and will continue to operate independently post-closing.
“The confidence shown by CRC Group in Atrium is a testament to the strong business and brand that has been created since the company’s inception in 1984,” commented John Fowle, CEO of Atrium, in a statement.
“As we move to the next phase of Atrium’s history, we are poised to deliver our strategic transformation agenda, one that builds on our team’s distinctive culture and Atrium’s long-standing reputation for delivering a consistent return on capital to its third-party capital providers,” Fowle added.
“We are thrilled to welcome the Atrium team to the group,” according to Dave Obenauer, CRC group CEO, in a statement.
“As our first investment outside of North America, this marks an exciting and significant milestone in our company’s evolution,” Obenauer said.
“Atrium’s well-established reputation, disciplined underwriting culture, and specialized product offerings align perfectly with our vision for strategic growth. Now operating as an independent organization, CRC Group is entering a new chapter—one defined by agility, focus, and a commitment to partnering with best-in-class firms,” he added. “Atrium exemplifies the type of high-quality business we are proud to align with, and we look forward to supporting their continued success under their current leadership and respected brand.”
Evercore Partners International LLP is acting as the exclusive financial adviser and Debevoise & Plimpton LLP is acting as legal adviser to Atrium. Insurance Advisory Partners LLC and GC Capital & Advisory are serving as financial advisers, and Simpson Thacher & Bartlett LLP and Norton Rose Fulbright are serving as legal advisers to CRC Group.
About CRC Group
With over 5,500 teammates in offices across the United States and Canada, CRC Group places more than $30 billion in annual premiums across property and casualty, and employee benefits.
Topics
Mergers & Acquisitions
Excess Surplus
Underwriting
Talent
Lloyd’s
Human Resources
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