Truist / CRC Adds Major Influence in Wholesale Insurance with Closing of Constellation Acquisition


Truist Insurance Holdings and its wholesale insurance subsidiary CRC Group have completed the acquisition of Constellation Affiliated Partners, an insurance distribution platform operating seven general agents (MGAs) and program managers.

The transaction, first announced in May, will add approximately $ 160 million in annual revenue to the wholesale division of Truist Insurance Holdings. Truist acquired Constellation from RedBird Capital Partners. Financial terms were not disclosed

The addition of Constellation Affiliated Partners more than doubles the size of the premium placement of the Specialty Programs Division of CRC Group and creates one of the largest program managers in North America. CRC Group’s new Specialty Programs division now pays more than $ 2.4 billion in premiums across more than 10 industry and specialty segments.

The activities of Constellation Affiliate Partners will be consolidated into the CRC group of Truist Insurance Holdings.

The seven MGAs that are part of Constellation are Allstar Financial Group, Norman Spencer, American Team Managers Insurance Services, RMA, Trinity Transportation Solutions, Coastal Insurance Underwriters and InsureTrust.

Bill Goldstein, who joined the CRC Group from Constellation, will serve as CEO of the Specialty Programs division of the CRC Group.

In addition, Nicholas Bozzo of the CRC Programs and Brian Norman of Constellation have been appointed Co-Chairs of the Specialty Programs Division.

“We see the Combination Programs platform as a growth engine for the future,” Goldstein said. “We will bring new programs and products to market, expand our capacity relationships, and continue to focus and commit to data, analytics and technology.

He said CRC will also continue to seek strategic acquisitions.

“The world of risk is becoming more and more complex, and our clients and financial partners are looking for specialists to underwrite and distribute insurance solutions,” said Dave Obenauer, CEO of CRC Group. “Our new, expanded Specialty Programs division will help us meet this growing need in today’s challenging insurance market.

This transaction is the eighth acquisition of the CRC Group in the last 18 months.

Truist Insurance Holdings operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc .; CRC Insurance Services; Crump Life Insurance Services; AmRisc; and its premium finance companies (AFCO Credit Corp., Prime Rate Premium Finance Corp. and CAFO).

RBC Capital Markets and Truist Securities acted as financial advisers and Willkie Farr & Gallagher acted as legal counsel to Truist in this transaction. Evercore served as financial advisor and Fried, Frank, Harris, Shriver & Jacobson were legal advisors to Constellation Affiliated Partners.

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