Wholesale specialty insurance distributor CRC Group has announced that it has closed on its acquisition of Constellation Affiliated Partners.
The deal more than doubles the size of CRC Group’s specialty programs division and creates one of the largest program managers in North America. CRC Group’s new specialty programs division now places more than $2.4 billion in premium across more than 10 industry and specialty segments, the company said.
“We are excited to welcome Constellation Affiliated Partners into the CRC Group family,” said Dave Obenauer, CEO of CRC Group. “The world of risk is getting more complex, and both our customers and capital partners are seeking specialists to underwrite and distribute insurance solutions. Our new expanded specialty programs division will help us meet that growing need in today’s difficult insurance marketplace.”
Bill Goldstein, who joined the company from Constellation Affiliated Partners, will serve as CEO of the division. Nicholas Bozzo from CRC Programs and Brian Norman from Constellation Affiliated Partners have been appointed co-presidents.
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“We see the combined programs platform as a growth engine for the future,” Goldstein said. “We will be bringing new programs and products to the market, expanding capacity relationships, and continuing our focus and commitment to data, analytics and technology. We will continue to seek strategic acquisitions and partnerships to grow the breadth of our programs offerings in the months and years ahead.”
The transaction is CRC Group’s eighth acquisition in the last 18 months, the company said.
“CRC Group’s successful track record of acquisitions reflects our continued commitment to investing in CRC Group for the benefit of our clients, carrier partners, and teammates,” Obenauer said.