By David Bull, James Thaler

March 19 - (The Insurer) - CRC Group has added to its casualty brokerage capabilities with the acquisition of Dallas, Texas-based Risk Transfer Partners, which has a focus on the construction, energy, environmental and manufacturing sectors.

The deal is the latest sign that CRC is getting back on the front foot for M&A and hiring after declaring its independence as a pure-play wholesaler following the spin-off of TIH from Truist Financial Corporation and subsequent sale of retail stablemate McGriff to Marsh last year.

Founded in 2013, RTP has an established national platform with a “proven track record” of organic growth, said CRC in a statement confirming the acquisition.

Led by its existing management including president Dave Barrett, RTP will join CRC's specialty division and report to the intermediary’s brokerage president Brent Tredway.

Commenting on the addition of RTP, Neil Kessler, CEO of CRC’s specialty and benefits division, said: “Their deep expertise in casualty insurance and strong presence in key sectors like construction and energy will strengthen our ability to deliver exceptional value to our clients.

“This acquisition underscores CRC's commitment to expanding our market presence and providing the best solutions for our retail partners nationwide.”

RTP’s Barrett added: “Joining CRC is an exciting next chapter for RTP. Their extensive resources and commitment to excellence will allow us to enhance the services we provide to our clients while preserving the unique culture and expertise that have driven our success over the past decade. We're eager to leverage this partnership to fuel continued growth and innovation.”

The companies said the acquisition represents a “significant milestone” for both parties, providing clients with expanded resources and access to “unparalleled expertise”.

“Together, CRC and RTP are poised to deliver cutting-edge solutions and drive long-term success in the modern insurance marketplace,” the statement continued.

In an interview with this publication, Kessler added: “We're in growth mode. This is just another testament to our wholesale-only strategy and the fact that it's resonating. RTP had options, and they picked us … This is on the heels of all the talent that we're adding across the country.

“We've had a lot of interest, and it's great to see. I think we're really on our front foot, and folks are reaching out to talk about a partnership with us in terms of joining the firm and in terms of acquisitions, I think we've never had a more robust pipeline on both fronts than we do today,” he added.

BACK ON ACQUISITION TRAIL

CRC, which is now owned by investors led by Stone Point Capital, acquired Florida-based SLB Insurance Group in December. Meanwhile, CRC is in talks with ARC Excess & Surplus over a potential deal to combine the wholesalers.

Long Island-based ARC Excess & Surplus is also owned by Stone Point Capital.

Earlier this month, CRC announced a new structure under two divisions: specialty and benefits, and underwriting. This coincided with a rebrand and the planned retirement of the TIH name.

The company said the actions will unify its operations and reinforce its position as a “pure play, independent wholesale and underwriting industry leader”.

In a recent interview with E&S Insurer, CRC CEO Dave Obenauer said the wholesaler will be able to compete more effectively as an independent pure-play wholesaler, including the ability to incentivise employees by making them shareholders.

The executive named M&A as one of the intermediary’s priorities, alongside margin enhancement and its top priority of driving organic growth.