Summit-based Specialty Program Group LLC has acquired the assets of several underwriting programs from Norman-Spencer Agency, it announced Thursday.
The insurance holding company for specialty brokerages and underwriting facilities said it acquired NSA’s crane program, personal lines watercraft program and commercial lines recreational marine program divisions.
“This is a great acquisition for SPG for several reasons,” CEO and President Chris Treanor said in a prepared statement. “It further strengthens our growing position as the undisputed leader in the recreational marine and personal watercraft space. In addition, the crane business will provide us with a foundation as we build our construction platform. Both businesses have great leadership and add to our deep bench of talent within SPG.”
The watercraft and marine programs operate nationwide, providing solutions for personal and commercial recreational marine risks, SPG said. The crane and boom underwriting facilities are based in Eastern Pennsylvania.
“The marine and crane businesses have been long-held and high-performing components of our underwriting and distribution strategy,” Ohio-based NSA’s president, Brian Norman, said in a statement. “The timing, however, was right for us to focus more attention and resource upon emerging opportunities in our insurance underwriting, distribution and related services portfolio. It was important that these businesses and employees were placed in good hands for the next phase of their life cycle, and we believe SPG is a great fit.”
Financial terms were not disclosed.
