Monarch E&S Insurance Services, a unit of the Specialty Program Group, has acquired the assets of Commercial Sector Insurance Brokers (CSIB).
Based in Birmingham, Alabama, CSIB brings expertise in offering E&S wholesale broking services.
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It serves a variety of sectors including mining, property, railroad and trucking.
The acquisition encompasses CSIB’s contract binding division, which caters to a spectrum of risks such as contractors, lessors’ risk and hospitality.
With a management team with more than 50 years of combined industry experience, CSIB has cultivated a network of retail brokers and capacity providers.
CSIB’s purchase is expected to enhance Monarch E&S’ capabilities, providing more holistic coverage solutions.
The partnership aims to develop tailored insurance products that meet the specific needs of the mining sector and other industries.
Monarch E&S CEO Derek Borisoff said: ”CSIB has established a strong reputation in our industry and brings a depth of specialisation that complements Monarch’s current offerings.
“Integrating CSIB will enhance our capabilities and enable us to offer a more comprehensive contract binding solution nationwide. We are enthusiastic about the potential to expand our service offerings to include CSIB’s expertise in the mining sector.”
CSIB president Bob Bleistine said: “Joining Monarch E&S is a transformative move for us. It presents an opportunity to leverage Monarch’s extensive resources while continuing to offer the high-level, specialised service our clients expect. We are excited to contribute to and grow within Monarch’s dynamic environment.”
In May 2023, Monarch E&S acquired the assets of Commonwealth Underwriters, a speciality lines managing general agent and wholesale broker.
Commonwealth Underwriters is focused on securing insurance coverage for hard-to-place risks that standard markets do not underwrite.
