SUMMIT, N.J., March 12, 2019 /PRNewswire/ -- Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced today that it has acquired the assets of Insurance Programs of America, Inc. (IPOA), a boutique managing general underwriter, & Risk Advisors of America, L.L.C. (RAA), a retail insurance agency. Terms of the acquisition were not disclosed.
Established in 2006 and based in Orlando, Florida, IPOA and RAA are a hospitality focused insurance distribution platform. With unique expertise in franchise, restaurant and hotel risks, the newly acquired team will launch SPG's hospitality platform. The current leadership of IPOA and RAA will continue to run the operation following the closing.
"IPOA and RAA have a long tradition of success in the hospitality industry and after meeting many potential partners, we immediately saw the opportunity SPG brings to our brokers and clients. SPG will provide the support and resources needed to better serve our brokers and clients with more options. As we look forward, the IPOA and RAA platform makes SPG uniquely positioned to become the leading insurance broker for hotel and restaurant solutions," said Stefan Burkey, CEO of IPOA and RAA.
"Since our inception, one of our goals has been to partner with an industry leader in the hospitality field. Together, IPOA and RAA is that best in class firm. They have a fantastic risk management approach and their leadership team is well known for their expertise in underwriting and servicing hospitality clients. Together, we will focus on creating additional product offerings and expanding our industry solutions to better serve the needs of our collective clients," 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 www.specialtyprogramgroup.com.
Media: Yiana Stavrakis
M&A: Chris Treanor
SOURCE Specialty Program Group