Summit’s Specialty Program Group acquires Calif. brokerage

Specialty Program Group LLC has acquired a California-based brokerage firm.

The Summit-based holding company for specialty insurance underwriting and managing general agent facilities, has taken on Monarch E&S Insurance Services, out of Burbank, California.

Terms of the acquisition were not disclosed.

Monarch was established in 1986.

“After years of steady growth, we recognized the need to become part of a much larger team to best serve our retail agent customers,” said Monarch CEO Derek Borisoff, who began running the company in 1994 and took on majority ownership in 2001. “Specialty Program Group fills that need and more. The ability to utilize SPG’s resources allows Monarch to better serve our clients by enhancing the customer experience and expanding product solutions.”

Specialty CEO and President Chris Treanor lauded Monarch’s work.

“Derek and his team built a fantastic business by delivering superior customer service and great products to their customers,” he said. “They have a strong culture that emphasizes teamwork, customer service, creativity and integrity. Their business fits in perfectly with SPG’s strategy to acquire best in class specialty businesses and help them scale by providing additional access to capital, market relationships, distribution and process efficiency.”