CRC Group Announces New Underwriters and Brokers

CRC Group, a prominent wholesale specialty insurance distributor, recently announced the addition of several new underwriters and brokers to its team. These strategic hires are part of the company's effort to enhance its services and broaden its expertise across various markets in the U.S.

Notable appointments include:

  • Sam Sigmon as an underwriter in the Dallas office, bringing expertise in excess and surplus insurance.
  • Michael Hartman as a professional lines broker in Jenkintown, Pennsylvania, focusing on areas like professional liability.
  • Donna Bacarti, who joined as an underwriting team leader in Denver, adding over two decades of underwriting and leadership experience to CRC Group's operations.

These additions complement other recent hires across the Southeast, including brokers and underwriters in Tennessee and Georgia, reflecting CRC Group’s commitment to growth and expanding its support for retail agency clients​

CRC Group recently announced the addition of three new professionals to its team, aimed at enhancing its service to retail agency clients. These appointments include Sam Sigmon as an underwriter in Dallas, Michael Hartman as a professional lines broker in Jenkintown, Pennsylvania, and Donna Bacarti as an underwriting team leader in Denver. Each brings extensive experience, with Sigmon specializing in excess and surplus insurance, Hartman focusing on professional lines, and Bacarti bringing over 20 years of underwriting leadership.

This move is part of CRC Group's broader strategy to expand its capabilities, especially in light of previous leadership and expert hires across the country, including in cities like Tampa and Seattle​.CRC Group’s announcement of new underwriters and brokers primarily focuses on enhancing their domestic U.S. operations. However, in an international context, this expansion signals the potential for CRC Group to strengthen its global partnerships and serve clients in international markets more effectively.

CRC Group, a wholesale specialty insurance distributor, has announced the addition of three experienced professionals to its teams across the country, particularly in Dallas, Texas Jenkintown, Penn.and Denver

The new appointments are part of the company’s ongoing strategic efforts to strengthen its capabilities and meet the growing demands of its retail agency clients, according to a news release.

Sam Sigmon has joined CRC Group’s Dallas office as an underwriter. Sigmon brings a wealth of experience from his previous role at a managing general agency/carrier hybrid, where he specialized in excess and surplus insurance within the US specialty property market.

In Jenkintown, Penn., Michael Hartman has been appointed as a professional lines broker. Hartman transitions from a business development role within a management liability platform, adding expertise in professional lines to CRC Group’s offerings.

Key international implications of these appointments might include:

  1. Global Expertise: With new underwriters and brokers, CRC Group can better address complex global risks, providing expertise in excess and surplus insurance or professional lines that can cater to international clients who face cross-border challenges.
  2. Potential for Global Expansion: Although the recent hires are based in the U.S., CRC Group’s broader strategy might involve leveraging this domestic growth to expand into international markets. New underwriters with specialized skills could help the company develop solutions that are adaptable to international insurance demands.
  3. International Client Relationships: Expanding their team of professionals could help CRC strengthen relationships with international brokers and carriers, offering them more customized and efficient services.

While CRC Group’s current focus remains largely on its U.S. operations, these moves could lay the groundwork for future international expansion or collaboration with global partners.

 

These appointments align with CRC Group’s broader strategy to enhance its underwriting capabilities and provide better service nationwide. They follow other recent hires in key markets, including Tennessee and Georgia

The recent announcement by CRC Group regarding the appointment of new underwriters and brokers offers several advantages to the company and its clients:

  1. Enhanced Expertise: By bringing on board experienced professionals such as Sam Sigmon (excess and surplus insurance underwriter) and Michael Hartman (professional lines broker), CRC Group deepens its knowledge and expertise in specialized areas like liability insurance. This allows the company to offer more tailored solutions to clients.
  2. Improved Service: With new team members like Donna Bacarti leading underwriting operations in Denver, CRC can improve response times and client support. This move enhances the company's ability to meet the diverse needs of retail agencies.
  3. Expansion in Key Markets: The geographic spread of the new hires, including positions in Dallas, Denver, and Jenkintown, Pennsylvania, positions CRC Group to serve a broader national clientele. This strengthens CRC's market presence and allows for better regional representation.
  4. Stronger Client Relationships: These strategic hires allow CRC Group to offer more personalized services to retail agents, fostering stronger and more effective partnerships with clients across the country.

Overall, these appointments are part of CRC Group’s strategy to continuously improve and expand its services, helping it stay competitive in the fast-evolving insurance market​While the announcement of new underwriters and brokers by CRC Group brings many advantages, there are potential disadvantages as well:

  1. Integration Challenges: Bringing new hires into an established company can lead to integration issues. Ensuring that new underwriters and brokers quickly adapt to CRC Group's culture, processes, and client expectations may take time, potentially causing temporary disruptions in service.
  2. Training and Onboarding Costs: Although these professionals are experienced, there will still be costs associated with training and onboarding them to align with CRC Group’s specific operations. This investment may take some time before it yields a tangible return.
  3. Client Concerns: Existing clients who are comfortable with their current brokers or underwriters might be apprehensive about changes. New team members need to establish trust and familiarity, which may initially affect client relationships.
  4. Resource Allocation: Hiring new personnel may shift resources and attention away from other areas of CRC’s business during the onboarding phase, potentially affecting efficiency in other departments until the new hires are fully operational.
  5. Market Competition: While CRC Group strengthens its team, competitors may respond by similarly expanding or adjusting their strategies, creating a more competitive environment for client acquisition and retention.

These potential downsides are common in corporate expansions but can be managed with careful planning and execution​

CRC Group's policy regarding the announcement of new underwriters and brokers appears to align with its broader strategic goals of growth and enhanced service delivery. The company aims to expand its talent pool, improving regional coverage and specialty expertise to better serve retail agency clients.

Key elements of CRC Group's approach include:

  1. Focus on Specialized Expertise: CRC Group seeks to add professionals with deep experience in specific areas like excess and surplus insurance, liability coverage, and underwriting leadership. This ensures the company can offer tailored solutions to clients across different sectors.
  2. Regional Expansion: By hiring brokers and underwriters in key regions such as Dallas, Denver, and Jenkintown, CRC Group aims to strengthen its geographic presence, allowing it to provide localized support to retail agents.
  3. Client-Centric Approach: The company’s policy reflects a commitment to improving client service by enhancing response times and offering personalized, expert guidance through its newly appointed team members.

These hires demonstrate CRC Group's ongoing strategy to meet the evolving needs of the insurance market while maintaining strong relationships with retail agents

CRC Group's recent announcement of new underwriters and brokers primarily emphasizes their U.S. expansion, but this growth also has implications for its global presence. As CRC Group enhances its services in key areas like excess and surplus lines, professional liability, and underwriting, the company is better positioned to serve international clients and collaborate with global insurance markets.

Worldwide Implications of CRC Group's Expansion:

  1. Strengthening Global Partnerships: The addition of new professionals with specialized expertise can help CRC Group build stronger relationships with international insurance carriers and brokers. This creates opportunities for collaboration on multinational accounts and complex global risks.
  2. Broader Market Reach: With the bolstered U.S. team, CRC Group may explore opportunities to expand its reach internationally, especially in markets where specialty insurance products are in demand. This could involve targeting regions with growing needs for excess and surplus lines coverage, such as Europe or Asia.
  3. Tailored Solutions for Global Clients: As CRC Group grows, it may be able to offer more customized solutions to international clients. This could involve developing products that address the unique challenges faced by businesses operating in multiple countries, such as cross-border liabilities and regulatory compliance.

In summary, while the immediate focus is on U.S. expansion, the appointment of these new brokers and underwriters enhances CRC Group’s capacity to serve a more global clientele and strengthens their ability to operate in international markets.

CRC Group, with a workforce of over 5,100 employees across the US and Canada, handles more than $40 billion in annual premiums across a range of insurance products, including property and casualty, employee benefits, life, annuities, and long-term care. The strategic hiring of new underwriters and brokers by CRC Group indicates its commitment to improving its service capabilities and expanding its market reach in the specialty insurance landscape. These changes are expected to enhance client relationships and support CRC Group's ongoing growth objectives.

 

Posted on 2024/10/12 06:01 PM