Atrium Underwriting Group announced it has entered into an agreement to be acquired by independent brokerage and underwriting specialty insurance distributor CRC Insurance Group.
CRC will acquire the MGA from funds managed by Stone Point Capital and other investors, according to the statement.
Atrium will retain its brand name and independence, operating under its current management within CRC Group. The value of the transaction was not disclosed.
The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals.
Atrium operates as an underwriting business at Lloyd’s, managing Syndicate 609 and writing specialty insurance and reinsurance across property, casualty, and specialty business groups. The company reported $1.3 bn in gross written premiums in 2024.
John Fowle, Atrium’s chief executive officer, stated that the company is positioned to execute its strategic transformation agenda, building on its team’s established culture and reputation for consistent returns on capital for third-party providers.
CRC Group places more than $30 bn in annual premiums across property/casualty and employee benefits, employing over 5,500 people in offices across the United States and Canada.
Atrium’s Lloyd’s Syndicate 609 posted higher profit in 2023, though its combined ratio worsened due to increased commercial lines reserves related to the Russia/Ukraine conflict and casualty lines development.
Evercore Partners International serves as exclusive financial adviser and Debevoise & Plimpton as legal adviser to Atrium. Insurance Advisory Partners and GC Capital & Advisory act as financial advisers, and Simpson Thacher & Bartlett and Norton Rose Fulbright as legal advisers to CRC Group.
