Summit-based Speciality Program Group LLC, an operator of brokerages and underwriting facilities, announced on Wednesday it has acquired the assets of Beacon Hill Associates Inc., a environmental wholesale brokerage firm.
“We are thrilled to join the SPG team and build on our 30 years of leadership in the environmental insurance space. SPG’s commitment to specialized distribution and broad market reach make them a perfect partner to help us move our business forward. We are excited to develop new and better products for our clients, and to continue our commitment to the environmental insurance market as part of the SPG family,” Bill Pritchard, CEO of BHA, said.
The deal includes BHA’s PartnerOne environmental underwriting division. Current leadership will continue to run the operation and will work closely with SPG leadership to launch a new environmental platform.
“Partnering with an environmental specialist has always been high on SPG’s industry list but this segment of insurance requires in-depth knowledge of complex exposures, and finding the perfect team took time. We are excited to announce that we finally found it in our partnership with the BHA/P1 team. We will hit the ground running in launching our environmental platform and will focus on expanding our services and offerings to a broader spectrum of clients,” Chris Treanor, CEO and president of SPG, said.
Financial terms were not disclosed.