Specialty Program Group Llc Acquires Assets of New York-Based Firm The Mechanic Group, Inc.
Summit, New Jersey – Specialty Program Group LLC (SPG), an operator of specialty insurance brokerages and underwriting facilities, announced that it has acquired the assets of The Mechanic Group, Inc. (TMG), a specialty insurance program manager. Terms of the acquisition were not disclosed.
Established in 1989, The Mechanic Group has dedicated itself to delivering best-in-market insurance solutions to the markets it has served from the very beginning. TMG specializes in delivering innovative risk management, insurance products and programs to the Security Guard, Private Investigation, Intelligence, Electronic Security, Alarm Installation, Central Station Monitoring and Security Consulting marketplace. The firm is a leading MGA for agents and brokers seeking a market for these insureds. Current leadership of TMG will continue to run all aspects of the operation and trade under The Mechanic Group brand.
Marc Katz, Steve Mechanic and Mike Lehner, Principals of The Mechanic Group, Inc. said, “Joining the SPG team gives us the opportunity to create additional insurance products and programs for the markets we support. We couldn’t be more excited to continue our steadfast support to the markets we have dedicated ourselves to over the past 30 years with such an outstanding partner.”
“The Mechanic Group’s successful record of helping the security and investigation industry understand their exposures is invaluable. Partnering with this outstanding MGA adds to SPG’s best-in- class boutique offerings and provides a deep breadth of knowledge to the overall platform. SPG and TMG leadership will continue to create innovative solutions and consultative services to better serve our clients,” said Chris Treanor, President and CEO of SPG.