Norman-Spencer Agency, Inc.

What Norman-Spencer Agency, Inc. does

Norman-Spencer Agency, Inc. (legal entity CRC Insurance Services, LLC d/b/a Norman-Spencer Agency) is a specialty wholesale insurance brokerage and program administrator founded in 1988 through the acquisition of the Hiatt Agency and headquartered in Miamisburg, Ohio (Dayton metro). The company operates as a subsidiary of Constellation Affiliated Partners (CAP), itself owned by CRC Insurance Services, distributing insurance products exclusively through a network of 3,000+ independent insurance agents nationwide rather than selling directly to retail consumers. Its portfolio of proprietary programs spans five verticals: Construction (Ready Mix, Pumpro concrete pumpers under ACPA endorsement, trade and artisan contractors, First Fleet contractor auto, contractor tools and equipment); Real Estate Professionals (agents and brokers E&O, abstractors, appraisers and AMCs, home inspectors, mortgage brokers, title agents); Transportation/Trucking; Specialty (501(c)(3) non-profits, hired and non-owned auto for food delivery); and Professional Lines (registered investment advisors, miscellaneous professional liability). Revenue is generated through wholesale brokerage commissions on admitted and non-admitted placements, program administration fees on proprietary programs, and E&S brokerage commissions across all 50 states.

Underlying technology and operations include the Norman-Spencer Institute of Risk Management, which provides telematics-driven fleet risk services through partnerships with Cambridge Mobile Telematics, Octo Telematics, and E Driving; an exclusive Risk Purchasing Group (RPG) with The Hanover Insurance Group consolidating admitted-paper carriers for real estate E&O; agency workflow integration through Strategic Insurance Software's Partner XE platform; and standard commercial web tooling (Cognito Forms, OneTrust). Pricing is quote-based and varies by program, coverage type, and risk profile, with disclosed minimums such as $500 for contractor tools and equipment and $5,200 for hired and non-owned auto in food delivery.

The business model combines B2B distribution to independent agents with carrier-backed proprietary program administration. Strategic activity since 2018 includes the divestiture of the Marine and Crane divisions to Specialty Program Group, the acquisitions of American Insurance Professionals (2018), Intercorp, and BNK Insurance Services (2020), the launch of the Transportation Division under Dave Cox (2019), and the creation of the Hanover real estate RPG (2022). Leadership includes Brian Norman as President and Byron Spencer as owner and CEO, with deep domain expertise across transportation, real estate, ready mix, and construction underwriting concentrated in the senior team.

Name

Norman-Spencer Agency, Inc.

Legal name

CRC Insurance Services, LLC d/b/a Norman-Spencer Agency

Website

https://norman-spencer.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Short description

Norman-Spencer is a wholesale insurance brokerage and program administrator serving 3,000+ independent agents across construction, real estate, transportation, specialty, and professional-lines verticals. It is a subsidiary of Constellation Affiliated Partners and operates proprietary programs backed by AM Best A-rated carrier paper.

Ownership category

akta.pro rank

Product category

Wholesale Insurance Brokerage & Program Administration

NAICS

Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Wholesale Insurance Brokerage (Excess & Surplus Lines) (FSAEADAD)

Keywords

• Wholesale insurance brokerage
• Program administration
• Specialty property casualty
• Professional liability insurance
• Commercial insurance programs

Headquarters

HQ city

Dayton

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Wholesale Brokerage Commissions: Norman-Spencer operates as a wholesale broker earning commissions on insurance policies placed through admitted and non-admitted carriers. The company services over 3,000 independent agents nationwide who submit business for coverage placement.
2. Program Administration Fees: As a program administrator, Norman-Spencer administers proprietary industry-specific insurance programs, earning fees for program management and underwriting services.
3. E&S Broker Services: Licensed E&S Broker providing non-admitted market options in all states, earning brokerage commissions on surplus lines placements.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Norman-Spencer Agency is a wholesale insurance brokerage and program administrator that develops and administers proprietary property-and-casualty and professional-liability insurance programs for hard-to-place, industry-specific risks. The company places coverage through both admitted and non-admitted markets, services over 3,000 independent agents nationwide, and supports programs across construction, real estate professionals, transportation, specialty, and financial professional lines.

Product overview

Norman-Spencer Agency, Inc. is a wholesale insurance brokerage and program administrator that operates both as a program administrator and wholesale brokerage. The company offers a portfolio of proprietary industry-specific insurance programs organized into five main verticals: Construction (Ready Mix, Concrete Pumpers/Pumpro, Contractors, Contractor Auto/First Fleet, Contractor Tools & Equipment), Real Estate Professionals (Agents & Brokers E&O, Abstractors E&O, Appraisers & AMCs E&O, Home Inspector E&O, Mortgage Brokers E&O, Title Agents E&O), Transportation/Trucking, Specialty (Non-Profit, Hired & Non-Owned Auto), and Professional Lines (Registered Investment Advisors, Misc. Professional Liability). The company also provides access to wholesale brokerage markets and administers the Real Estate Risk Purchasing Group (RPG) in partnership with The Hanover Insurance Group. Supporting services include the Norman-Spencer Institute of Risk Management offering fleet telematics, and claims handling. The company services over 3,000 independent agents nationwide through both admitted and non-admitted carrier relationships.

Differentiator

Problem solved

Functional benefit

Brands

• Norman-Spencer Real Estate Risk Purchasing Group: Real estate group insurance purchasing program that combines buying power of real estate professionals to provide competitive rates and risk management benefits.
• Norman-Spencer Institute of Risk Management
• NS Cares

Products and services

• Ready Mix Insurance Comprehensive insurance for companies manufacturing and transporting ready mix concrete to construction job sites. Includes Property, General Liability, Auto Liability & Physical Damage, Contractor's Equipment, Umbrella, and telematics via the Norman-Spencer Institute.
• Pumpro Program (Concrete Pumpers) Insurance program for concrete pumping operations, endorsed by the American Concrete Pumping Association. Insures more concrete pumper accounts than any competing program and includes General Liability, Automobile, and Inland Marine coverage plus risk management services.
• Contractors Insurance Trade and artisan contractor insurance program covering roofing, excavation, street & road, steel fabrication, demolition, general contractors, tools & equipment, and workers compensation. Access to admitted and non-admitted markets with exclusive AM Best A Rated carriers.
• First Fleet (Contractor Auto) Commercial auto coverage for construction-industry fleets (light trucks, dumps, tractors) with fleet sizes 5–200 vehicles. Underwritten by an AM Best A+ rated carrier with Symbol 1 Any Auto coverage.
• Contractor Tools & Equipment Inland marine coverage for contractor tools and equipment ranging from small artisan tool sets to heavy multi-site operations. Backed by an AM Best A rated carrier with quick quote turnaround; minimum premium $500.
• Real Estate Agents & Brokers E&O E&O insurance for real estate agents and brokers with 30 years of protection. Includes broad definition of professional services, third-party drone coverage, mold and environmental hazards coverage, and limits from $100,000 to $5,000,000.
• Real Estate Abstractors E&O E&O coverage for title abstractors and searchers, placed on a non-admitted basis through an AM Best A++ rated carrier. Includes pre-claim assistance, disciplinary proceedings coverage, and loss of earnings reimbursement.
• Appraisers & AMCs E&O Professional liability coverage for individual appraisers, appraisal firms, and appraisal management companies. Claims-made E&O up to $2,000,000 with vanishing deductibles, broad named-insured definition, and cyber first-party coverage, available through the Online Appraiser Platform.
• Home Inspector E&O E&O and General Liability coverage for individual home inspectors or home inspection firms, including new ventures. Includes ancillary inspection coverages for radon, termite, mold, lead paint, septic, and wind mitigation.
• Mortgage Brokers E&O Professional liability insurance for mortgage brokers with broad definition of professional services, sublimits for FDCPA, FCRA, FHA, TCPA, and RESPA violations, online risk management portal, and unlimited free risk management with partner law firm. Norman-Spencer is an Endorsed Provider for NAMB+.
• Title Agents E&O E&O, crime, cyber, and statutory surety bonds for title agents. Includes Consumer Financial Protection Bureau Defense, Employee Dishonest Acts coverage, and mediation deductible credit.
• Non-Profit Insurance Insurance protection for 501(c)(3) non-profits including food distributors, thrift stores, housing & shelters, recreation gyms, schools, religious institutions, and substance abuse services. Covers professional liability, abuse & molestation, auto, crime, and cyber; NS Cares donates 50% of divisional profits to qualifying non-profits.
• Hired & Non-Owned Auto Hired and non-owned auto coverage targeting food delivery and catering operations, with single stores and national accounts, limits up to $2,000,000, excess hired & non-owned liability, and minimum premiums starting at $5,200.
• Registered Investment Advisors E&O Comprehensive E&O coverage for non-bank lenders, investment advisors, financial planners, consultants, mortgage bankers, brokers, and fintech companies. Coverage lines include D&O, E&O, Cyber, EPLI, Fiduciary, and Crime, with 24–48 hour turnaround.
• Miscellaneous Professional Liability Professional liability options including primary, excess cyber liability, and excess follow-form coverage for real estate agents, property managers, marketing firms, management consultants, architects, engineers, and other professional classes.
• Transportation/Trucking Insurance Specialized for-hire trucking insurance with 20+ years of experience. Coverage lines include auto liability, physical damage, motor truck cargo, general liability, non-trucking liability, and warehouse/terminal, supplemented by telematics and loss control via the Norman-Spencer Institute.
• Wholesale Brokerage Wholesale brokerage providing access to admitted and non-admitted insurance markets, servicing over 3,000 independent agents nationwide with coverage placement across targeted classes such as contractors, distributors, landscapers, trucking, food delivery, and human services. Licensed E&S Broker providing non-admitted market options in all states.
• Real Estate Risk Purchasing Group (RPG) Exclusive Risk Purchasing Group combining buying power of real estate professionals for competitive rates and risk management benefits, administered in partnership with The Hanover Insurance Group. Members receive their own policy limits, a legal risk management hotline, and loss prevention articles.
• Norman-Spencer Institute of Risk Management Internal risk management service providing telematics data and fleet management tools to improve safety and profitability. Includes access to Cambridge Mobile Telematics, Octo Telematics, and E Driving for driver behavior monitoring and loss prevention.

Quantifiable outcome

• Over 3,000 independent agents serviced nationwide
• +5 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered flagship, core, minor and former.

• The Hanover Insurance GroupflagshipStrategic or Co-development Partner · 27 January 2022Exclusive Risk Purchasing Group partnership for real estate E&O insurance. The Hanover provides admitted paper for the RPG program, consolidating carriers to offer the broadest coverage in the market at competitive premiums. Each RPG member holds their own policy limits with access to comprehensive risk management benefits.
• General Star Management CompanycoreStrategic or Co-development Partner · 7 April 2018Partnership for online Real Estate Appraiser Program. General Star provides A++ (Superior) rated carrier paper for individual appraisers. Program offers limits from $300,000/$600,000 to $1 million/$2 million with no deductible and toll-free risk management hotline.
• Topic DesignminorGTM or Marketing Partner · 18 January 2018Preferred marketing agency for over 12 years providing email campaigns, brochures, websites, and social media content. Special rates available to Norman-Spencer appointed agencies.
• Specialty Program Group, LLC (SPG)formerStrategic or Co-development PartnerAcquired Norman-Spencer's marine and crane divisions in April 2018. SPG is a leading insurance holding company for specialty brokerages and underwriting facilities.
• Intercorp Inc.coreStrategic or Co-development PartnerAcquired in May 2020, Intercorp manages professional and environmental liability programs and continues to operate as a division of Norman-Spencer for Appraisal Firms and Appraisal Management Companies.
• BNK Insurance ServicescoreStrategic or Co-development PartnerAcquired in May 2020, BNK specializes in professional liability for Real Estate Agents, Home Inspectors, and Mortgage Brokers. Matt Nangle joined as VP of Professional Liability.
• NAMB+ (National Association of Mortgage Brokers)coreGTM or Marketing PartnerNorman-Spencer is an Endorsed Provider for NAMB+, providing mortgage broker professional liability coverage with access to legal risk management hotline and online resources.
• American Concrete Pumping Association (ACPA)coreGTM or Marketing PartnerThe Pumpro program is endorsed by ACPA, providing unique product specifically for the concrete pumping industry with over 30 years of serving members.
• National Ready Mix Concrete Association (NRMCA)coreGTM or Marketing PartnerActive member of NRMCA, providing Ready Mix insurance specifically tailored for companies manufacturing and transporting ready mix concrete to construction job sites.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• James River Insurance Group: E&S commercial carrier with program and wholesale distribution capabilities across several specialty verticals. Overlaps with Norman-Spencer in non-admitted placement and niche program expertise.
• Skyward Specialty Insurance Group: Specialty P&C carrier and program underwriter with growing wholesale distribution footprint. Comparable in building specialty programs around industry verticals, though operating as carrier rather than pure wholesale broker.

Direct peers

• Burns & Wilcox: Wholesale insurance brokerage and MGA specializing in excess and surplus lines and specialty programs distributed through independent agents. Direct competitor in E&S placement and program administration for hard-to-place risks.
• Amwins: Largest US wholesale insurance brokerage and managing general agent, distributing specialty and E&S products to retail agents. Closely comparable to Norman-Spencer in business model, with much greater scale and broader specialty program portfolio.
• Brown & Riding: National wholesale insurance brokerage focused on E&S lines and specialty programs placed through retail agents. Comparable in serving hard-to-place risks and niche industry verticals.
• Crump Life Insurance Services: Wholesale insurance distributor serving independent agents across P&C and life products with strong specialty and program administration capabilities. Comparable wholesale distribution model.
• RPS (Risk Placement Services): Wholesale brokerage and binding authority platform distributing specialty insurance through independent agents across the US. Directly comparable in E&S access and specialty program offerings.

Broad incumbents

• Markel: Specialty insurer with significant program business and E&S capabilities distributed through wholesale and program partners. Comparable in specialty underwriting and program administration, though much larger and more diversified.
• Westport Insurance Corporation (Liberty Mutual): Large carrier-owned E&S underwriting and wholesale platform with broad specialty appetite. Overlaps with Norman-Spencer's E&S programs but as part of a much larger portfolio across many lines.
• Hiscox: Specialty insurer with significant small business and professional liability distribution through digital and broker channels. Already a Norman-Spencer carrier partner; comparable in serving professional lines and contractor classes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/795631
• Xx.com/nsa_insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Norman-Spencer Agency, Inc.