Specialty Program Group acquires security insurance firm

Specialty Program Group LLC, the Summit-based operator of specialty insurance brokerages, has acquired the assets of a New York state-based security insurance provider, it announced Monday.

Under the deal for The Mechanic Group Inc., which delivers solutions for security guard, private investigation, alarm and other security measures, the current TMG leadership will continue to run the business under its own brand.

“The Mechanic Group’s successful record of helping the security and investigation industry understand their exposures is invaluable,” Chris Treanor, SPG’s CEO and president, said in a prepared statement. “Partnering with this outstanding (managing general agent) adds to SPG’s best-in-class boutique offerings and provides a deep breadth of knowledge to the overall platform. SPG and TMG leadership will continue to create innovative solutions and consultative services to better serve our clients.”

Financial terms of the deal were not disclosed.

“Joining the SPG team gives us the opportunity to create additional insurance products and programs for the markets we support,” principals Marc Katz, Steve Mechanic and Mike Lehner said in a statement.