CRC Group buys Washington DC-based FEDS MGU
CRC Group, a national wholesale distributor of specialty insurance products, has acquired the assets of Federal Employee Defense Services (FEDS), a Washington DC-based managing general underwriter (MGU) specializing in professional liability coverage for federal government employees and contractors.
FEDS, which was founded in 2007, will become part of CRC Group’s Program Division but will continue to operate under its unique brand name. It’s the 11th brand to join CRC Group’s program business, which the firm hopes to “grow significantly through organic program development and acquisitions” over the coming years, according to Nicholas Bozzo, president of CRC Programs.
“The FEDS team has consistently demonstrated strong underwriting and revenue results, and their inclusion in CRC Group will expand our opportunities in the public entity and governmental spaces,” said Dave Obenauer, CEO of CRC Group. “We’re excited to welcome them into our CRC Programs team.”
FEDS will continue to be led by president, Tony Vergnetti. He commented: “CRC Group’s strong reputation and relationships with agents and carriers made them a natural partner for FEDS as we look to continue to invest in and grow our business. We’re looking forward to joining the CRC Group family and bringing our unique marketplace offering to an even broader set of distribution partners going forward.”
Terms of the transaction were not disclosed.