Wholesaler CRC Insurance Services Inc. said Thursday it has acquired Shreveport, Louisiana-based managing general agency and surplus lines broker Specialty Risk Associates Inc.
A spokeswoman for Birmingham, Alabama-based CRC said in a statement that terms of the deal were not being released.
CRC said the addition of Specialty Risk, which has operations in Louisiana and across the Gulf states, continues the CRC Group’s expansion in binding and personal lines.
Specialty Risk will be a part of CRC Group’s commercial solutions division, and the two companies will work together over the coming months to integrate their operations, the statement said.
Until then, Specialty Risk will continue to operate under its current brand name with no changes to location or underwriter contact details.
CRC ranks as the second-largest specialty intermediary, according to Business Insurance’s latest survey.