Summit-based Specialty Program Group, an operator of specialty insurance brokerages and underwriting facilities, announced Tuesday it has acquired the assets of Insurance Programs of America Inc. and Risk Advisers of America.
Based in Orlando, Florida, IPOA, a boutique managing general underwriter, and RAA, a retail insurance agency, are a hospitality-focused insurance distribution platform.
Under the deal, the current leadership of IPOA and RAA will stay on following the close.
“IPOA and RAA have a long tradition of success in the hospitality industry and after meeting many potential partners, we immediately saw the opportunity SPG brings to our brokers and clients. SPG will provide the support and resources needed to better serve our brokers and clients with more options. As we look forward, the IPOA and RAA platform makes SPG uniquely positioned to become the leading insurance broker for hotel and restaurant solutions,” Stefan Burkey, CEO of IPOA and RAA, said.
Financial terms of the deal were not disclosed.
“Since our inception, one of our goals has been to partner with an industry leader in the hospitality field. Together, IPOA and RAA is that best in class firm. They have a fantastic risk management approach and their leadership team is well known for their expertise in underwriting and servicing hospitality clients. Together, we will focus on creating additional product offerings and expanding our industry solutions to better serve the needs of our collective clients,” Chris Treanor, CEO and president of SPG, said.