Specialty Program Group (SPG) has purchased the belongings of Enterprise Underwriters Associates (BUA), a wholesale brokerage normal company specializing in life, annuities, medical health insurance, and incapacity earnings, for an undisclosed sum.
The deal strengthens SPG’s life and annuity distributor community and marks its second buy as a part of its plan to develop a BGA-driven life and annuity wholesale platform.
It follows the agency’s buy of the belongings of Brokers’ Service Advertising and marketing Group (BSMG) in December final yr.
BUA CEO Jack Wright known as the mixing with SPG a “super alternative”.
“Collectively, we will leverage our collective experience and companies to ship best-in-class options to {the marketplace},” he famous.
New Jersey-headquartered SPG is a holding firm established to purchase and scale insurance coverage underwriting amenities and specialty companies in North America.
BUA, its newest acquisition, was established in 1979. Primarily based in Northeast Ohio, the agency presents companies throughout the US.
BSMG CEO and SPG Life & Annuity technique head Jason Lea mentioned: “That is the start of one thing actually distinctive within the life and annuity distribution area.
“Jack and his workforce at BUA run a wonderful enterprise and are recognised leaders and innovators in our area. Collectively, we’ll discover new methods to develop our enterprise and construct our imaginative and prescient for a dominant life and annuity platform.”
Final month, SPG snapped up the belongings of Catapult Insurance coverage Options.
Earlier this yr, the agency purchased ESP Insurance coverage Brokerage, which gives merchandise for athletics, occasion legal responsibility, climate, leisure, and leisure.
