CRC Group, a US wholesale distributor of specialty insurance products, has acquired the assets of Federal Employee Defense Services (FEDS).
FEDS is a niche MGU that specialises in professional liability coverage for federal government employees and contractors.
Following the acquisition, it will continue to be headquartered in Bethesda, Maryland and led by President, Tony Vergnetti.
FEDS will become part of CRC Group’s Program Division and will continue to operate under their current brand name.
“Founded in 2007, FEDS brings a unique specialty to CRC Group’s Program business,” said Dave Obenauer, CEO of CRC Group.
“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. We are excited to welcome them into our CRC Programs team.”
Tony Vergnetti, President of FEDS, also 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 are looking forward to joining the CRC Group family and bringing our unique marketplace offering to an even broader set of distribution partners going forward.”
“We continue to grow the CRC Programs franchise with the addition of FEDS,” added Nicholas Bozzo, President of CRC Programs. “Today, CRC Programs consists of 11 brand names, and we have plans to continue to grow significantly through organic program development and acquisitions in the years to come.”
