CRC Group, a leading national wholesale distributor of specialty insurance products, announced today that it has acquired the assets of Washington DC based Federal Employee Defense Services (FEDS), a highly respected niche MGU specializing in professional liability coverage for federal government employees and contractors.
“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.”
“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,” said Tony Vergnetti, President of FEDS. “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.”
FEDS is headquartered in Bethesda, Maryland and will continue to be 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. CRC Group and FEDS will work to integrate operations. The terms of the sale were not disclosed.