Wholesale insurance broker CRC Insurance Services Inc. said it has acquired Sumter, S.C.-based Southern Risk Operations, LLC. Terms of the deal were not released.
Southern Risk is an excess and surplus lines insurance broker specializing in coverage for a broad range of risks, including high-risk personal and commercial properties along the East Coast. Its specialty lines include commercial transportation, property and liability, marine and professional coverage for directors and officers.
Founded in 1990 by Jim Mayes, the firm operates branch offices in Miami; Marlton, N.J.; Concord, N.H.; and Timonium, Md., through its Horan Goldman subsidiary, which was founded in 1963.
Southern Risk, which has 78 employees, will operate as a division of CRC's managing general agency, Southern Cross Underwriters. CRC acquired Jackson, Miss.-based Southern Cross Underwriters in 2003.
“In our continuing quest to become a complete excess and surplus lines broker, the addition of Southern Risk to the CRC team is an important move that will certainly boost our presence in the managing general agent segment of the industry,” said Tom Curtin, chief executive officer of CRC, in a statement.
Birmingham, Ala.-based CRC is the wholesale insurance subsidiary of BB&T Corp., the principal subsidiary Branch Banking and Trust Company based in Winston-Salem, N.C.
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