Houston International Insurance Group (HIIG) has agreed to purchase the remaining shares it did not own of Creative Risk Underwriters (CRU), a managing general underwriting agency (MGU) based in Marietta, Ga., specializing in Medical Stop Loss (MSL).
Following completion of the transaction, CRU will be integrated into HIIG Accident & Health (HIIG A&H) with Michael Remeika, founding partner and president of CRU, serving as president of the combined companies and reporting to L. Byron Way, chief executive officer of HIIG A&H. The combined companies are expected to generate more than $125 million in gross written premium in 2019.
CRU was founded in in 2015 by Mike Remeika with HIIG subsequently joining as an active investor to provide working capital, systems, logistical support and policy issuance through its insurance company subsidiary Great Midwest Insurance Co.
Based in Houston, HIIG is an insurance holding company formed in 2007 by Stephen L. Way.
HIIG has underwriting segments focused on Accident & Health, Commercial, Excess & Surplus Lines, and Specialty. HIIG has total assets exceeding $1.5 billion and shareholders’ equity of more than $325 million.
HIIG’s subsidiary insurance companies consist of Houston Specialty Insurance Co., Imperium Insurance Co., The insurance companies are rated A/A- (Excellent) by A.M. Best Company.
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