Crump Reaches Standstill Agreement with Former Employee and R-T Specialty

DALLAS, Feb. 24, 2011 /PRNewswire/ -- Crump's Property & Casualty Insurance Services Division (Crump P&C), which is part of Crump Group, Inc., the nation's largest insurance wholesaler, today announced that it has reached a standstill agreement with a former employee and his new employer, R-T Specialty, LLC (RTS) pending the outcome of litigation between the parties.  The former employee left Crump for RTS on December 31, 2010 and on January 13, 2011 Crump P&C sued the former employee in Texas state court for breach of his non-solicitation agreement. On February 15, 2011, Crump filed an application in the case for a temporary restraining order and temporary injunction to block the former employee and RTS from soliciting Crump customers and employees and from disclosing Crump's confidential information in violation of the employee's employment agreement with Crump.  On February 23rd, the parties finalized the standstill agreement, pursuant to which RTS, the former employee, and any persons acting in concert with him, agreed not to directly or indirectly solicit wholesale insurance brokerage business from defined "accounts" until the underlying litigation is concluded or the end of the two year period specified in the non-solicitation agreement. In the standstill agreement, the former employee also agreed not to solicit Crump employees and to honor his obligations not to use Crump's confidential information.

About Crump Insurance Services

Crump Insurance Services, Inc. (Crump P&C) is part of Crump Group, the nation's largest insurance wholesaler.  As the property & casualty insurance division of Crump Group, it is made up of Crump wholesale brokerage locations across the U.S. and in Bermuda, Five Star Specialty Programs, Target Insurance Services and Hanleigh Insurance.  Crump P&C is a market leading independent wholesale distributor of property and casualty insurance, linking an extensive network of retail brokers and agents to products provided through relationships with over 150 leading insurance carriers.  Crump P&C offers specialty underwriting capabilities, numerous in-house binding authorities, and supports the wholesale placement of a wide range of specialized commercial insurance solutions, including customized coverage for complex P&C risks.  Crump's experienced brokers serve as a single connection point for retail clients to access domestic and international insurance markets.  Acting as a program administrator for numerous P&C carriers, 5Star Specialty Programs and Target Insurance Services develop and provide specialty underwriting for commercial insurance programs – including transportation related risks, workers compensation solutions, professional liability, and more – matching insurance needs and market opportunities with the appropriate coverage.  Hanleigh Insurance creates, markets, and underwrites proprietary insurance products for highly compensated corporate, entertainment, and sports risks.  This includes underwriting for high limit disability, personal accident, special risk contingency, and other niche products.  Hanleigh provides solutions to some of the world's most successful individuals and organizations. Additional information is available at www.crumpins.com, www.5starsp.com, www.target-capital.com, and www.hanleighinsurance.com.

About Crump Group, Inc.

Crump Group, Inc. (www.crump.com) is the largest wholesale insurance distributor in the United States, and through its Ascensus division (www.ascensus.com) is the largest independent U. S. provider of recordkeeping and support services to company-sponsored retirement plans in the micro to large segments of the market.  Its Property & Casualty Insurance Services division (www.crumpins.com; www.5starsp.com, hanleighinsurance.com) is among the largest U. S. providers of wholesale brokerage and specialty programs to the commercial property and casualty insurance industry.  Crump Life Insurance Services (www.crumplifeinsurance.com) is among the largest wholesale distributors of services that support the sale of life related insurance and annuity products.

SOURCE Crump Insurance Services, Inc.

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