Gallagher Arm Announces CCI Surety Deal | Insurance business America
The Swoop will expand the product offering of its program department, says CEO
Advantages
By Noel Sales Barcelona
Arthur J. Gallagher & Co., through its wholesale brokerage, program division and bonding agency, Risk Placement Services, has acquired CCI Surety, a managing general underwriter (MGU) based in Golden Valley, Minnesota. The announcement was made on May 23, but terms of the transaction were not disclosed.
“CCI Surety is an established agency whose wholesale surety platform expands RPS’ product offerings,” said J. Patrick Gallagher, Jr. (pictured), chairman and CEO of Arthur J. Gallagher & Co.
CCI Surety was founded in 1999 by Michael Williams and led by Jeremy Crawford. CCI Surety is an MGU specializing in wholesale contract and commercial surety bonds for retail agents in all 50 states in the United States.
According to its website, the company was formed to “provide working capital loans to contractors in partnership with North American Construction Services, Inc., a national contract bond fund control and escrow company.” A year later, CCI transferred its financing activities to Beacon Financial Acquisition Corporation, an affiliated company engaged in equipment leasing, sale-leaseback, working capital and capital expenditure activities.
The company has since shifted its focus to working with insurance companies and their agents throughout the United States, primarily in the specialty insurance space.
Following the merger, Crawford and the CCI Surety team will remain in their current location under the leadership of Matt Lynch, head of national retention activities for RPS
“Many past events in the surety industry, ranging from the collapse of large surety companies to capacity constraints, have created a need for our service and expertise. “CCI Surety has built internal underwriting authority of up to $3,000,000 through years of experience,” the CCI website states.
Gallagher has been making a number of deals recently – including a move to Acumen Advisors just over a week ago.
Do you have anything to say about this story? Leave a comment below.
similar posts
Stay up to date with the latest news and events
Join our mailing list, it’s free!
Source link
2024-05-24 11:50:23
www.insurancebusinessmag.com
