Oct 04, 2021, 08:00 ET
SUMMIT, N.J., Oct. 4, 2021 /PRNewswire/ -- Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced today they have acquired the assets of CM&F Group (CM&F), a leading digital provider of healthcare liability insurance coverage for individuals and groups.
CM&F, formerly Cotterell, Mitchell & Fifer, was founded in 1919 as a property & casualty insurance broker in downtown Manhattan. In 1947, CM&F developed the first nursing professional liability policy. This policy would become the foundation of the business today. Over the past 70 years, CM&F has continued to innovate and offer millions of healthcare professionals superior liability insurance protection.
The acquisition is aligned with SPG's strategy to become an industry leader in digital insurance for specialty markets. "SPG is poised to be at the forefront of digital transformation by providing solutions and market fulfillment in the digital space," said SPG President & CEO Christopher Treanor. "CM&F is a growing industry leader when it comes to ease of use, speed, and efficiency and aligns perfectly with our strategy of acquiring specialty, online providers."
CM&F has insured millions of healthcare professionals across the United States and is positioned for continued growth by offering online insurance to both direct to consumer (D2C) and through agent and broker channels. The acquisition by SPG will enable CM&F to focus on expanding its core business by providing operational, HR support, access to markets and expanding their digital footprint.
"CM&F is thrilled to be partnering with a company whose core values of entrepreneurship, integrity, teamwork, accountability and service align directly with those of our current and previous business leaders," said Jay Sullivan, CEO of CM&F Group and who, together with his two brothers, Calvin and William, is a third generation family owner. "We believe in our mission and the team at SPG who will be there to support us."
About Specialty Program Group
Headquartered in Summit, NJ, Specialty Program Group is a fully licensed holding company established to acquire and scale best-in-class insurance underwriting facilities and specialty businesses throughout North America. SPG has 12 portfolio companies and is over one billion in premium. For more information, please visit www.specialtyprogramgroup.com.
CM&F Group has been insuring professionals since 1919, and healthcare professionals since 1947. For more information, please visit www.cmfgroup.com.
Media: Chris Lamitola
M&A: Chris Treanor
SOURCE Specialty Program Group
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