Dallas-based Crump’s Property & Casualty Insurance Services Division (Crump P&C), which is part of insurance wholesaler Crump Group Inc., 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 Dec. 31, 2010. On Jan. 13, 2011, Crump P&C sued the former employee in Texas state court for breach of his non-solicitation agreement. On Feb. 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.
Crump reported that the parties have 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.
Source: Crump Insurance Services
Topics Property Casualty
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