SPG Acquires the Assets of Euclid Fiduciary

SUMMIT, N.J., Jan. 10, 2023 /PRNewswire/ -- Specialty Program Group LLC (SPG) announced today that it has acquired the assets of Euclid Specialty Managers, LLC, d/b/a (Euclid Fiduciary) from Euclid Insurance Services, Inc.  Euclid Fiduciary is a managing general agency specializing in complex fiduciary liability and related professional liability insurance for employee benefit plans.

Founded in 2011, Euclid Fiduciary is one of the country's leading providers of fiduciary liability insurance for employee benefit plans, insuring many of America's largest and best managed single-employer, multiemployer, and governmental employee benefit plans. Euclid Fiduciary is the gold standard for fiduciary liability insurance with the best scope of coverage and industry thought leadership, including its highly regarded Fid Guru Blog, which provides unique fiduciary insights on complex litigation trends.  Euclid Fiduciary has underwriting and claims authority from Hudson Insurance Group, a prominent underwriter of specialty lines programs. Hudson is rated "A" (Excellent) by AM Best.

Led by Managing Principal Daniel Aronowitz, Euclid Fiduciary's mission is to protect the fiduciaries and plan sponsors of America's best employee benefit plans, by providing best-in-class fiduciary coverage based on Euclid Fiduciary's superior fiduciary expertise and experience.  "We chose to join SPG because it is the nation's foremost insurance platform to provide top-notch specialty insurance to complex niches.  We believe it is the perfect platform to continue to serve and protect America's best plan fiduciaries and sponsors of employee benefits."

"Dan literally wrote the book on fiduciary liability insurance and he and his team are well known as thought leaders in the fiduciary market," said SPG President & CEO Chris Treanor. "Their model of deep specialty expertise and autonomy aligns perfectly with our business strategy and we welcome them to the SPG family of companies."

MarshBerry served as financial advisor to Euclid Fiduciary for the transaction.

Founded in 2011, Euclid Fiduciary is an expert underwriter for complex fiduciary liability insurance for America's best-run employee benefit plans. Euclid Fiduciary has underwriting, claims and marketing authority from Hudson Insurance Group, a leading underwriter of specialty lines programs. For more information, please visit https://www.euclidspecialty.com/.

Euclid Insurance Services, Inc. is a holding company and platform for the launching and running of specialty program administrators.  Headquartered in Itasca, Illinois, Euclid affords best in class underwriting and claims professionals the ability to start their own MGA in highly specialized niches.  For more information, visit www.euclidprograms.com.

Headquartered in Summit, NJ, SPG 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 a vast portfolio of specialty companies and places over two billion in premium annually. For more information, please visit www.specialtyprogramgroup.com. 

CONTACT:
SPG Media: Chris Lamitola
Phone: 908-790-6749
[email protected]

M&A Contact: Danny Fogel
Phone: 312-279-4755
[email protected]

SOURCE Specialty Program Group