The Redwoods Group, a provider of insurance to YMCAs, Jewish community centers and residential and day camps, has agreed to a merger with specialty insurer Crum & Forster, part of Fairfax Financial Holdings Ltd.
Terms of the deal were not disclosed.
According to Kevin Trapani, president and CEO of Redwoods, the partnership with Fairfax and Crum & Forster was initiated because it is “a strong match in operating principles and values between us and because the transaction accomplishes all of the goals we set out at the beginning of this process.”
Trapani said the move will allow Redwoods more leeway in crafting insurance and risk consulting products specifically designed for child-serving organizations.
The Redwoods Group will continue to operate out of its current location in Morrisville, N.C., as an independent brand of Crum & Forster.
Redwoods’ senior leadership team will remain intact, according to the announcement.
All Redwoods staff have been offered a job with their same responsibilities, compensation and benefits, the company said.
Marc Adee, Crum & Forster’s chairman and CEO, said this transaction is an opportunity for the company to expand its direct underwriting and other operations to the business The Redwoods Group has built.
Redwoods has worked for the past 18 years with a focus on prevention of child sexual abuse and drowning.
Redwoods is a certified B Corp by B Lab, which grants the designation to companies that meet standards of social and environmental performance. Redwoods said its social entrepreneurship model will remain intact through this transition, and Redwoods will continue to be a certified B Corp and Green Plus Certified operation.
Source: The Redwoods Group
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