CRC, Crump, R-T Specialty Reach Confidential Settlement Agreement

On May 4, 2012, CRC Insurance Services Inc., Crump Insurance Services Inc., and R-T Specialty LLC jointly announced that the three parties resolved all existing disputes between them.

All three organizations said the conflicts were resolved in a global, confidential settlement agreement, pursuant to which the pending lawsuits between the entities and their employees will be dismissed with prejudice.

On May 4, 2010, about 100 CRC employees in Illinois, California and Pennsylvania resigned, including brokers and staff. A former high-ranking CRC executive, Timothy W. Turner, had also resigned in February 2010 to serve as president and CEO of R-T Specialty, a division of Ryan Specialty Group.

Then in February 2011, Crump’s Property & Casualty Insurance Services Division announced that it had reached a standstill agreement with a former employee and his new employer, R-T Specialty LLC (RTS). This agreement was reported in Insurance Journal last year but BB&T would not confirm whether this latest confidential settlement agreement relates to the February 2011 standstill agreement.

Raleigh, N.C.-based BB&T Insurance is the sixth largest insurance broker in the U.S. and the seventh largest internationally. BB&T’s wholesale insurance operation includes CRC Insurance Services, Crump Insurance Services, Crump Life Insurance Services, managing general agent Southern Cross TAPCO Underwriters and managing general underwriter AmRisc LLP, which make up a national platform for wholesale property and casualty insurance placements.

Source: BB&T