Posted on 07 May 2010
The nation's largest insurance wholesaler, Birmingham, Alabama-based CRC Insurance Services, has seen about 100 of its employees resign and join Ryan Specialty Group, Patrick Ryan's new wholesale group. CRC is an insurance unit of BB&T Corp.
In a note to clients and business partners this week, Tom Curtin, the CEO and founder of CRC Insurance Services, wrote that "a number of CRC employees in Illinois, California and Pennsylvania resigned" on May 4.
In a statement Thursday, Mr. Curtin confirmed that "approximately 100 employees (including brokers and staff)" left the company, though he didn't say where they were going. Mr. Curtin said, "we are reorganizing and appropriately restaffing," and said, "We will not be closing any offices or exiting any markets."
The departures represent about 10% of CRC's head count. The client note from Mr. Curtin of CRC said the company's counsel is "closely monitoring and evaluating the situation to ensure that CRC and its clients are protected."
Ryan Specialty's management team includes Timothy Turner, a former president of CRC, which is one of the largest wholesale insurance brokers in the U.S.
Mr. Turner and CRC are presently in litigation in California over various contractual restrictions in Turner's CRC employement agreement. Mr. Turner is seeking a declaration that the restrictive covenants are unenforceable. CRC, which sought to have the case moved to federal court, is seeking to have the suit dismissed on the grounds that there is no “actual dispute” between the two parties.
Founder and former chairman and CEO of Aon Corp., Patrick Ryan launched Ryan Specialty in February as a holding company of managing general underwriters, managing general agencies and brokers.
CRC has 29 offices across the U.S., with written premium of over $2.4 billion in 2009.