Atrium Underwriting Group Ltd. today announced it has entered into a definitive agreement which envisages the acquisition by CRC Group of the managing agency from investment funds managed by Stone Point Capital LLC and other investors. Atrium will retain its brand name and independence under the leadership of its current management team within the CRC Group.
Atrium is a premier underwriting business at Lloyd’s that manages Syndicate 609 and writes specialty insurance and reinsurance across property, casualty, and specialty business groups. The company generated $1.3B in gross written premium in 2024 and will continue to operate independently post-closing.
John Fowle, CEO of Atrium, stated, “The confidence shown by CRC Group in Atrium is a testament to the strong business and brand that has been created since the company’s inception in 1984. As we move to the next phase of Atrium’s history, we are poised to deliver our strategic transformation agenda, one that builds on our team’s distinctive culture and Atrium’s long-standing reputation for delivering a consistent return on capital to its third-party capital providers.”
“We are thrilled to welcome the Atrium team to the Group.” Dave Obenauer, CRC Group CEO. “As our first investment outside of North America, this marks an exciting and significant milestone in our company’s evolution. Atrium’s well-established reputation, disciplined underwriting culture, and specialized product offerings align perfectly with our vision for strategic growth. Now operating as an independent organization, CRC Group is entering a new chapter—one defined by agility, focus, and a commitment to partnering with best-in-class firms. Atrium exemplifies the type of high-quality business we are proud to align with, and we look forward to supporting their continued success under their current leadership and respected brand.”
The transaction is expected to close in the third quarter, subject to satisfaction of customary closing conditions and regulatory approvals.
Evercore Partners International LLP is acting as the exclusive financial advisor and Debevoise & Plimpton LLP and RPC is acting as legal advisor to Atrium. Insurance Advisory Partners LLC and GC Capital & Advisory are serving as financial advisors, and Simpson Thacher & Bartlett LLP and Norton Rose Fulbright are serving as legal advisors to CRC Group.
