Crump P&C Acquires Target Underwriting Management Corporation

Program administrator adds depth, breadth to Crump's underwriting operations

Oct 01, 2010, 15:00 ET from Crump Property & Casualty Insurance Services, Inc.

ROSELAND, N.J., Oct. 1 /PRNewswire/ -- Crump Property & Casualty Insurance Services, Inc. (Crump P&C) part of Crump Group, Inc., the nation's largest insurance wholesaler, today announced its acquisition of the assets of Target Underwriting Management Corporation, a managing general underwriter and program administrator headquartered in Avon, CT.   The acquired assets include Target Insurance Services, Garden State Insurance Services and Florida Liability Assurance Group.  Established in 1998, the operations specialize in professional liability coverages including specialty programs for accountants, lawyers, staffing agencies, home inspectors and miscellaneous E&O.  Products are offered nationwide.  One of Target's core capabilities is its Professional Liability System (PLS) which provides online submission entry and clearing, rating, quoting, and binding as well as policy issuance and invoicing.  Retailers using the system can also make mid-term changes and obtain comprehensive reports on key data elements of their in-force business.

"Target is an important addition to our programs platform and represents a significant expansion of our professional lines underwriting capabilities.  Target's strong leadership team and contracts with key carriers enables Crump to better serve our retail partners with additional classes and market options," said Dave Obenauer, president of Crump P&C.

"We couldn't be more pleased to be a part of Crump.  Target has worked hard over the last 10 years to produce high quality, stable programs with solid carrier and production partners. Our new ownership offers us the opportunity to enhance that mission and leverage our expertise across Crump's broad distribution network," said Wayne Carter, president of Target Insurance Services.  

About Crump Insurance Services

Crump Insurance Services, Inc. (Crump P&C) is part of Crump Group, the nation's largest insurance wholesaler.  As the property & casualty insurance division of Crump Group, it is made up of Crump wholesale brokerage locations across the U.S. and in Bermuda, Five Star Specialty Programs and Hanleigh Insurance.  Crump P&C is a market leading independent wholesale distributor of property and casualty insurance, linking an extensive network of retail brokers and agents to products provided by over 150 leading insurance carriers. Crump P&C offers specialty underwriting capabilities, numerous in-house binding authorities, and supports the wholesale placement of a wide range of specialized commercial insurance solutions, including customized coverage for complex P&C risks, commercial and habitational real estate risks, products liability, high-limit property, catastrophe, and professional and medical liability. Its experienced brokers serve as a single connection point for its retail clients to access domestic and international insurance companies. Crump P&C offers customized insurance products as well as sophisticated system capabilities.  Acting as a program administrator for numerous P&C carriers, 5Star Specialty Programs develops and provides specialty underwriting for commercial insurance programs – including transportation related risks, workers' compensation solutions, professional liability, and more – matching insurance needs and market opportunities with the appropriate coverage. Hanleigh Insurance creates, markets, and underwrites proprietary insurance products for highly compensated corporate, entertainment, and sports risks. Underwriting high limit disability, personal accident, special risk contingency, and other niche products, we provide solutions to some of the world's most successful individuals and organizations. Additional information is available at www.crumpins.com, www.5starsp.com and www.hanleighinsurance.com.

About Crump Group, Inc.

Crump Group, Inc. (www.crump.com) is the largest wholesale insurance distributor in the United States, and through its Ascensus division (www.ascensus.com) is the largest independent U. S. provider of recordkeeping and support services to company-sponsored retirement plans in the micro to large segments of the market. Its Property & Casualty Insurance Services division (www.crumpins.com; www.5starsp.com) is among the largest U. S. providers of wholesale brokerage and specialty programs to the commercial property and casualty insurance industry. Crump Life Insurance Services (www.crumplifeinsurance.com) is among the largest wholesale distributors of services that support the sale of life related insurance and annuity products.

SOURCE Crump Property & Casualty Insurance Services, Inc.



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