CRC Group’s Strategic Acquisition of Atrium Underwriting
CRC Group is set to acquire Atrium Underwriting from investment entities managed by Stone Point Capital, alongside other stakeholders. Although the financial terms have not been disclosed, this acquisition signifies a pivotal moment for CRC Group.
Atrium Underwriting, a prominent Lloyd’s underwriting firm managing Syndicate 609, is renowned for its expertise in specialty insurance and reinsurance, covering areas such as property and casualty, among other specialty sectors. Last year, Atrium achieved an impressive $1.3 billion in gross written premiums.
Atrium’s CEO, John Fowle, expressed his enthusiasm about the acquisition, stating: “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. 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.”
Following the acquisition, Atrium will maintain its independence under the CRC Group umbrella, continuing to operate under its established brand name and with its current management team in place. This strategic move is anticipated to be completed in the third quarter of the year, pending standard closing conditions and regulatory approvals.
CRC Group CEO, Dave Obenauer, remarked: “As our first investment outside of North America, this marks an exciting and significant milestone in our company’s evolution. Atrium’s well-established reputation, disciplined underwriting culture, and specialized product offerings align perfectly with our vision for strategic growth.”
Earlier in the year, CRC Group expanded its portfolio by acquiring ARC Excess & Surplus, a specialty wholesale insurance distributor. ARC was successfully integrated into CRC Specialty, retaining its existing leadership team post-acquisition.
