CRC Group Acquires Surplus Lines Broker
- May 03, 2019
CRC Group Acquires Argenia, LLC
Parsippany, NJ -- CRC Group, a nationwide wholesale distributor of specialty insurance products, has acquired Argenia, LLC, a Little Rock, AR based MGA and surplus lines broker founded in 1976.
“Argenia has a unique business model and a number of exclusive products which we are excited to be able to distribute more broadly to our retail agency customers nationwide,” said Dave Obenauer, CRC Group’s Chief Executive Officer. “We will be very deliberate and collaborative as we work to integrate our operations and ensure there is no interruption in service for Argenia’s clients and carriers,”
The addition of Argenia compliment CRC Group’s capabilities in Arkansas and the surrounding region, building on a previous acquisition made in Arkansas by CRC Group last year. In the short-term, Argenia will continue to operate under the company’s current brand with the same underwriters and the same contact information. Over the coming months, CRC will work to fully integrate the operations.
Bob Alexander, Argenia’s President, said, “Joining CRC Group will allow us to expand our product offerings as well as provide additional tools and improved services to our clients. The Argenia team is looking forward to the expanded opportunities this transaction will bring.” Terms of the transaction were not disclosed.