Specialty Program Group LLC, based in Summit, has acquired the assets of Capitol Special Risks Inc., a Georgia-based managing general underwriter, it announced Wednesday.
SPG, a holding company for specialty brokerage, contract binding and insurance underwriting facilities, said in a news release that the leaders of the all-woman specialty brokerage will remain in place. The Atlanta firm’s CEO, Lynn Levinson, and president, Dorothea Westin, who had owned the firm since 1998, will run it post-acquisition for SPG.
“The acquisition of CSR’s business fits into our strategy of purchasing expertise-driven specialty businesses,” Chris Treanor, CEO and president of SPG, said in a prepared statement. “Dorothea, Lynn and their team have built a great management and professional liability business, using their deep product knowledge and market relationships to provide their customers with brokerage and underwriting solutions.”
Westin said the combination will bolster the firm within its industry.
“As a privately held company, we have always been resistant to even considering a merger or sale,” she said in a statement. “However, the insurance industry continues to evolve and, with the rapid growth of technology, as an independent we have struggled to keep up. We see our synergy with Specialty Program Group as an opportunity to utilize better (information technology) services and media outlets to fulfill our main purpose, which is to solve key insurance problems.”
Financial terms of the deal were not disclosed.
