SUMMIT, N.J., June 7, 2017 /PRNewswire/ -- Specialty Program Group (SPG), a leading insurance holding company for specialty underwriting facilities, announced today that it has acquired the assets of MarketScout's workers compensation underwriting unit, to be re-branded by SPG as Specialty Comp Insurance Solutions. Terms of the acquisition were not disclosed.
Based in Dallas, Texas, MarketScout's workers compensation underwriting unit is a national workers compensation facility specializing in underwriting for hard to place, high hazard risks in various industries including transportation, construction, healthcare, retail, and manufacturing.
"We build programs that deliver unique customer solutions and solid ROE for our underwriting partners. SPG supports this objective so they clearly became the best choice for a transaction on our Workers Comp MGA. SPG will now own a long standing successful Workers Comp MGA under the leadership of Jay Chase and his excellent underwriting team. We will continue to support them via our wholesale Workers Comp division and will use the proceeds from the sale to fund InsureTech and MGA investments," said Richard Kerr, CEO of MarketScout.
"Joining the SPG team will allow us to partner with like-minded program operators and will add new breadth to our offerings and appeal in the rapidly growing program space. SPG will be a great catalyst for our program, people and continued success" said Jay Chase, who will come over from MarketScout as part of the acquisition and serve as President of Specialty Comp Insurance Solutions.
"Richard and Jay built a tremendous business that provides best in class solutions for their customers. We are excited for Jay and his team to join us as we help them take this specialty comp MGA to the next level" said Chris Treanor, President and CEO of SPG.
About Specialty Program Group Headquartered in Summit, NJ, SPG focuses on expanding program underwriting and specialty businesses. For more information, please visit specialtyprogramgroup.com
About MarketScout MarketScout is a specialty insurance distribution and underwriting company headquartered in Dallas, Texas. The firm is a Lloyd's Coverholder and MGA for U.S. insurers. MarketScout owns and operates the MarketScout Exchange and is the National Alliance's exclusively endorsed broker for Certified Insurance Counselors (CIC's). MarketScout is founder of the Council for Insuring Private Clients (CIPC) (www.privateclientcouncil.com ) and the Entrepreneurial Insurance Alliance (www.insuranceentrepreneurs.com). MarketScout has offices in Arkansas, California, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Nebraska, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, and Washington, DC. For more information visit marketscout.com.