HIIG strengthens specialty division with acquisition
Insurance holding company Houston International Insurance Group (HIIG) has agreed to acquire Capital Risk Underwriters (CRU), a managing general underwriting agency (MGU) based in Florida.
The MGU, which specialises in pest control business, has issued HIIG insurance company policies for the past three years.
The transaction, which is part of the continuing growth of the HIIG specialty division, is expected to close October 1, 2015.
Michael Schmidt, president and founder of CRU, will become senior vice president of HIIG specialty.
CRU will continue to service its producers and customers, but now with added insurance capabilities and will operate under the HIIG-CRU name.
"It is a rare opportunity to partner with an entrepreneurial issuing company like HIIG and Stephen Way, its chief executive officer (CEO), which will allow us to expand our ability to better serve our producers and clients going forward,” said Schmidt.
Stephen Way, chief executive officer of HIIG, added: "Michael Schmidt is a 'last of a breed' insurance entrepreneur, larger than life and limitless passion for the business. His addition to our HIIG team will continue to energise our Group and help our profitable growth."
