Specialty Program Group (SPG), which operates specialty insurance brokerage and underwriting firms, has acquired the assets of Brokers’ Service Marketing Group II (BSMG).
SPG did not reveal the purchase price of BSMG, a life and annuity brokerage general agency (BGA) aimed at advisors and financial institutions.
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Founded nearly five decades ago, BSMG offers its services in all 50 states of the US under its current CEO Jason Lea.
BSMG’s programmes include Risk Differentiation Underwriting (RDU) platform that is aimed at large complex underwriting cases and Vive, an online multi-carrier term life platform.
SPG president & CEO Christopher Treanor called BSMG “a natural fit” as it plans to expand in the life insurance and annuity space.
“They offer products and services in a digital environment and also deliver best-in-class service solutions to the very highest end of the market, both of which are in alignment with SPG’s long-term growth and innovation strategy,” Treanor added.
Lea said: “BSMG is thrilled to partner with SPG. We share a vision of building something unique in the BGA space by leveraging our strategy with SPG’s scale and capabilities.
“Chris and the team at SPG have a track record of helping entrepreneurial businesses grow, and the cultural fit between our two organizations around quality, customer experience and innovation couldn’t be better.”
Last month, SPG’s Monarch E&S acquired assets of California-based Anderson & Murison (A&M).
A&M is a surplus lines broker and underwrites speciality commercial and personal lines insurance risks.
