Is CRC insurance part of Truist?

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No, CRC Insurance (now operating as CRC Group) is no longer part of Truist.

Key Details

  • Previous Ownership: CRC Insurance Services was a subsidiary of Truist Insurance Holdings (formerly owned by Truist Financial Corporation).
  • Sale and Rebrand: Truist completed the sale of Truist Insurance Holdings to an investor group led by Stone Point Capital and Clayton, Dubilier & Rice (CD&R).
  • Current Status: Truist Insurance Holdings rebranded into CRC Group as an independent, private equity-backed wholesale and specialty insurance distributor.

Who owns CRC insurance services?

CRC Insurance Services (operating as CRC Group) is owned by an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R), alongside sovereign wealth fund Mubadala Capital.

The investor group acquired the company (formerly part of Truist Insurance Holdings) in 2024 for an enterprise value of $15.5 billion. You can learn more about their operations on the CRC Group About Us page.

What insurance company is CRC?

CRC (known as CRC Group or CRC Insurance Services) is not a standard insurance company that sells policies directly to the public. It is a leading wholesale specialty insurance distributor, broker, and managing general agent (MGA).

What They Do

  • Wholesale Brokerage: They act as a bridge between retail insurance agents (the local agents you might call for a policy) and major insurance carriers.
  • Specialty Coverage: They help find coverage for hard-to-place, complex, or high-risk commercial needs (such as cyber liability, environmental risks, commercial property, construction, and transportation).
  • Not for Consumers: You cannot buy insurance directly from CRC as a business owner or individual; your local retail insurance broker must work with them on your behalf.

What companies are associated with Truist?

Truist Financial Corporation is associated with several predecessor entities, direct subsidiaries, and specialized divisions.

Predecessor Companies

  • BB&T (Branch Banking and Trust Company): Merged with SunTrust in 2019 to form Truist.
  • SunTrust Banks: Partnered with BB&T in the 2019 merger of equals.

Major Subsidiaries and Divisions

  • Truist Bank: The primary banking operating subsidiary.
  • Truist Securities: Provides capital markets, securities brokerage, and investment banking services.
  • Sterling Capital Management: Offers investment management services to institutional and individual clients.
  • Truist Advisory Services & Truist Investment Services: Wealth management and financial planning arms.
  • Truist Insurance Holdings: Historically included major insurance brands like McGriff, CRC Group, Crump Life Insurance, and AmRisc (note: Truist announced a sale of a majority stake in Truist Insurance Holdings in 2024).
  • Truist Ventures: The corporate venture capital arm backing fintech and financial services startups.

Who bought Truist insurance?

Truist Financial Corporation sold Truist Insurance Holdings for $15.5 billion to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice (CD&R), along with the Mubadala Investment Company.

Deal Details

  • Completion Date: May 7, 2024
  • Sale Price: $15.5 billion enterprise value (all-cash transaction)
  • Cash Proceeds: Approximately $10.1 billion after-tax for Truist
  • Participants: Stone Point Capital, CD&R, Mubadala Investment Company, and employee co-investors

Ep. #69 - Basics of the Wholesale Insurance Brokerage Market

9 related questions found

What company owns CRC?

Because "CRC" can refer to multiple major companies, ownership depends on which specific organization you mean:

  • CRC Industries (maker of 5-56 and automotive chemicals) is owned by the Berwind Corporation, which has owned the company since 1981.
  • CRC Group (the wholesale specialty insurance distributor) is owned by private equity firms Stone Point Capital, CD&R (Clayton, Dubilier & Rice), and Mubadala Capital.
  • California Resources Corporation (CRC) (the publicly traded oil, natural gas, and carbon management company) is a publicly traded company listed on the New York Stock Exchange (NYSE: CRC) rather than being owned by a single private parent firm.

Is CRC a broker or carrier?

CRC Group is a wholesale insurance broker and underwriting manager, not a direct insurance carrier.

🔎 Understanding CRC's Role

  • Wholesale Intermediary: CRC Group acts as a bridge between retail insurance agents and standard or excess/surplus line insurance carriers.
  • Underwriting Authority: It operates managing general agent (MGA) and underwriting divisions that can quote and bind policies on behalf of partner carriers, but it does not ultimate-back or fund the insurance risk itself as a primary carrier.
  • Carrier Network: It partners with over 650 different insurance carrier markets to place specialized or hard-to-place risks.

What does CRC stand for in insurance?

In the insurance industry, CRC most commonly stands for Crop Revenue Coverage, a type of federally reinsured crop insurance, or refers to the Commercial Repayment Center, a Medicare recovery division, as well as the CRC Group, a major wholesale specialty insurance distributor.

1. Crop Revenue Coverage (CRC)

  • Definition: A type of crop insurance product that protects farmers against low crop prices, poor crop yields, or a combination of both.
  • Function: It guarantees a set level of revenue rather than just physical bushels of grain or produce.

2. Commercial Repayment Center (CRC)

  • Definition: A specialized operational unit under the Centers for Medicare & Medicaid Services (CMS).
  • Function: It handles Medicare secondary payer recoveries and conditional payment refunds from liability insurers, no-fault insurers, and workers' compensation entities.

3. CRC Group

  • Definition: A prominent wholesale property and casualty insurance brokerage and underwriting manager in North America.
  • Function: It connects retail insurance agents with specialized carriers to place complex or high-risk commercial insurance policies.

Who is the CEO of CRC insurance?

The Chief Executive Officer of CRC Group (CRC Insurance Services) is Dave Obenauer.

Key Leadership Details

  • CEO: Dave Obenauer serves as the Chief Executive Officer of CRC Group.
  • Other Key Executives:
    • Neil Kessler serves as CEO of CRC Specialty.
    • Bethany Greenwood serves as CEO of the Underwriting division.

Is CRC insurance located in Charlotte, NC?

Yes, CRC Group (CRC Insurance Services) is located in Charlotte, North Carolina.

  • Business Address: 550 S Caldwell St, 16th Floor, Charlotte, NC 28202
  • Operations: It serves as a major wholesale specialty insurance and property and casualty brokerage hub.
  • Directory: You can view additional office listings and contact details on the CRC Group Office Locator.