Summit-based Specialty Program Group on Monday said it acquired ESP Insurance Brokerage LLC, a national insurance broker and program administrator for the sports, events and promotion marketing and entertainment industries.
Headquartered in Worcester, Massachusetts, ESP offers nationwide coverages and has exclusive programs with in-house underwriting and binding authority and “A+” rated carriers. Niche solutions include athletic insurance for teams/leagues, camps and tournaments, insurance for entertainment, leisure and sports facilities, event liability and cancellation, prize indemnity, weather insurance, liquor liability and special event liability.
ESP was formed over five years ago and has grown steadily in the sports and entertainment market. In 2021, over 850,000 youth participants were covered by ESP, and the firm had over $1.5 billion in insured limits covering special events of all types.
“ESP is on track to become a leading provider of coverage for the sports and entertainment industry,” SPG CEO and President Christopher Treanor stated. “They’re a nice complement to our portfolio of specialty companies and fit with our model of acquiring companies with niche expertise and a focus on customer service, including offering online services that make it faster and easier to get insurance coverage.”
“Simply stated, we are here to build a winner for SPG. The team at ESP is beyond excited to join SPG and continue to scale both our product offerings, our service team and technological capabilities to clients. We weren’t looking to be acquired, but, in talking with Christopher Treanor and the SPG team, they had a vision and a plan for the operation that made it impossible for us not to be part of the family on the go forward,” Chris Price, president of ESP Insurance Brokerage and SHEL Risk Purchasing Group, said.
