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CRC Group LLC said Friday it has agreed to acquire the assets of specialist marine insurer Continental Underwriters Ltd.
Terms of the transaction were not disclosed.
Based in Covington, Louisiana, Continental provides tailored primary marine, excess marine liabilities, ocean cargo and inland marine insurance, CRC said in a statement.
Continental has five additional offices in New York, Houston, Chicago, Seattle and Knoxville, Tennessee.
Fidelis Marine Underwriters and Fidelis Claims Services, which provide underwriting, broker services, claims management and loss control, are included in the transaction, CRC said.
The deal is expected to close later this year, and, once complete, Continental will be part of CRC Group’s programs division, according to the statement.
All Continental staff will be joining CRC, a spokeswoman said in an email.
The deal with CRC will give Continental the tools to “continue growing and investing” in the business, CEO H. Elder Brown III, said in the statement.
Data by the Association of Kenya Insurers showed that local marine insurers' gross written premiums dropped nearly 5% year-over-year to a three-year low of around 3.5 billion Kenyan shillings ($32 million) in 2019, Business Daily reported. Weak implementation of a law requiring cargo to be underwritten by local insurers led to the decline.