Gallagher arm declares CCI Surety deal

Arthur J. Gallagher & Co., by its wholesale brokerage, program division, and binding authority, Threat Placement Providers, has acquired CCI Surety, a managing basic underwriter (MGU) firm primarily based in Golden Valley, Minnesota. The announcement was made on Might 23 however the phrases and circumstances of the transaction weren’t disclosed.

“CCI Surety is a well-established company whose wholesale surety platform expands RPS’s product choices,” stated J. Patrick Gallagher, Jr. (pictured), chairman and CEO – Arthur J. Gallagher & Co.

Based in 1999 by Michael Williams and led by Jeremy Crawford, CCI Surety is an MGU that makes a speciality of wholesale contract and business surety bonds for retail brokers in all 50 states within the US.

In keeping with its web site, the corporate was organized to “present working capital loans to contractors along with North American Development Providers, Inc., a nationwide contract surety fund management/escrow firm.” A yr later, CCI transferred its financing actions to Beacon Monetary Acquisition Company, an affiliated firm engaged in gear leasing, sale-leaseback, working capital, and funding actions.

In the meantime, the corporate shifted its focus to working with insurance coverage corporations and their brokers all through the US, primarily within the specialty bonding discipline.

After the merger, Crawford and the CCI Surety crew will stay of their present location below the route of Matt Lynch, head of RPS’s nationwide binding operations

“Many previous occasions within the surety bond trade, starting from the collapse of main surety corporations to the restraint of capability, have created a necessity for our service and experience. CCI Surety has developed in-house underwriting authority of as much as $3,000,000 by years of expertise,” acknowledged the CCI web site.

Gallagher has made a bunch of offers in current instances – together with a transfer, simply over per week in the past, for Acumen Advisors.

Have one thing to say about this story? Go away a remark under.