’As our first investment outside of North America, this marks an exciting and significant milestone in our company’s evolution,’ says chief executive

US-based insurance distributor CRC Group has entered into an agreement to acquire Lloyd’s insurer Atrium Underwriting.

Atrium manages Syndicate 609 and writes specialty insurance and reinsurance across property, casualty and specialty business groups. It generated £950m ($1.3bn) in gross written premium (GWP) in 2024.

The firm will retain its brand name, keep its current management team and continue to operate independently post-closing.

John Fowle, chief executive at Atrium, said: “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.”

‘Significant milestone’

The transaction is expected to close in the third quarter of 2025, subject to satisfaction of customary closing conditions and regulatory approvals.

The deal marks CRC Group’s first investment outside of North America.

Dave Obenauer, CRC Group chief executive, said: “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 specialised product offerings align perfectly with our vision for strategic growth. Now operating as an independent organisation, 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 its continued success under the current leadership and respected brand.”