Gallagher arm announces CCI Surety deal
Gallagher arm announces CCI Surety deal | Insurance Business America
Benefits
Gallagher arm announces CCI Surety deal
The swoop will expand its program division’s product offerings, says CEO
Benefits
By
Noel Sales Barcelona
Arthur J. Gallagher & Co., through its wholesale brokerage, program division, and binding authority, Risk Placement Services, has acquired CCI Surety, a managing general underwriter (MGU) company based in Golden Valley, Minnesota. The announcement was made on May 23 but the terms and conditions of the transaction were not disclosed.
“CCI Surety is a well-established agency whose wholesale surety platform expands RPS’s product offerings,” said J. Patrick Gallagher, Jr. (pictured), chairman and CEO – Arthur J. Gallagher & Co.
Founded in 1999 by Michael Williams and led by Jeremy Crawford, CCI Surety is an MGU that specializes in wholesale contract and commercial surety bonds for retail agents in all 50 states in the US.
According to its website, the company was organized to “provide working capital loans to contractors in conjunction with North American Construction Services, Inc., a nationwide contract surety fund control/escrow company.” A year later, CCI transferred its financing activities to Beacon Financial Acquisition Corporation, an affiliated company engaged in equipment leasing, sale-leaseback, working capital, and investment activities.
Meanwhile, the company shifted its focus to working with insurance firms and their agents throughout the United States, mainly in the specialty bonding field.
After the merger, Crawford and the CCI Surety team will remain in their current location under the direction of Matt Lynch, head of RPS’s national binding operations
“Many past events in the surety bond industry, ranging from the collapse of major surety companies to the restraint of capacity, have created a need for our service and expertise. CCI Surety has developed in-house underwriting authority of up to $3,000,000 through years of experience,” stated the CCI website.
Gallagher has made a host of deals in recent times – including a move, just over a week ago, for Acumen Advisors.
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