CRC announces massive deal for Euclid Transactional

CRC Group has signed a definitive agreement to acquire Euclid Transactional, a global managing general agent specializing in transactional risk insurance, in a move that significantly expands CRC’s underwriting footprint in representations & warranties (R&W) and tax liability cover.

The acquisition, announced January 5 2026, remains subject to customary closing conditions and regulatory approvals. Euclid Transactional operates 11 offices across North America, Europe and the Asia‑Pacific region and is known for its transactional underwriting, distribution relationships and claims capability; the firm says it has paid more than $1.3 billion to clients to date.

CRC said the deal will broaden its specialty underwriting capabilities and accelerate its strategy to create a comprehensive underwriting platform for financial and professional lines. CRC’s CEO Dave Obenauer (pictured) described Euclid as “an outstanding organization with a premier team, stellar reputation, and strong alignment with our vision for specialty growth,” and said the combination will deepen CRC’s financial and professional lines offering while expanding its international reach.

Euclid’s managing principal Jay Rittberg said joining CRC will allow the MGA to “accelerate growth while maintaining the underwriting excellence, our culture, and the service that our clients expect,” and that CRC’s scale and focus on innovation will help broaden Euclid’s reach in the transactional risk market.

Why the deal matters for insurers and brokers

• Product and capacity: The acquisition consolidates transactional risk expertise - R&W and tax liability - within a large specialty distribution platform, potentially streamlining access for private equity sponsors and corporate buyers seeking deal certainty.
• Distribution and claims: Euclid’s global distribution network and established claims organization provide CRC with a specialist origination channel and claims handling experience that are critical in M&A insurance lines.
• Market positioning: CRC, which places more than $30bn in premiums annually and has around 6,000 staff across North America, Canada and the UK, said the deal will create a diversified growth engine serving clients across the risk spectrum; market participants will watch how CRC integrates Euclid’s underwriting appetite and program terms.
• Consolidation trend: The transaction is the latest in a string of consolidations in transactional insurance, where scale, distribution and claims execution are key competitive differentiators.

Advisers and next steps

Barclays and Guy Carpenter acted as financial advisers to CRC, with Debevoise & Plimpton providing legal counsel. Euclid Transactional was advised by Piper Sandler & Co. as exclusive financial adviser, Jamieson Corporate Finance as management adviser, and HSF Kramer as legal counsel. The parties said they expect to close after securing required approvals.

For brokers and in‑house counsel placing M&A insurance, the practical implications will become clearer once CRC publishes program details and any changes to Euclid’s underwriting panels, delegated authority arrangements and claims routing under the combined platform.