Specialty Program Group, LLC. Acquires Marine & Crane Businesses From Ohio-Based Agency
- April 12, 2018
Specialty Program Group, LLC. Acquires Marine & Crane Businesses From Ohio-Based Norman-Spencer Agency, Inc.
SUMMIT, NJ -- Specialty Program Group, LLC. (SPG) an insurance holding company for specialty brokerages and underwriting facilities announced that is has acquired the assets of Norman-Spencer Agency's (NSA) crane program, personal lines watercraft program and commercial lines recreational marine program divisions. Terms of the acquisition were not disclosed.
With offices across the country, NSA's personal lines watercraft program and commercial lines recreational marine program divisions focus on providing solutions for personal and commercial recreational marine risks including personal watercraft, yachts, marinas, boat dealers, yacht brokers, boat repair businesses, and yacht clubs. NSA's specialized crane and boom underwriting facilities are recognized industry leaders and are based in Eastern Pennsylvania.
"This is a great acquisition for SPG for several reasons. It further strengthens our growing position as the undisputed leader in the recreational marine & personal watercraft space. In addition, the crane business will provide us with a foundation as we build our construction platform. Both businesses have great leadership and add to our deep bench of talent within SPG," said Chris Treanor, President and CEO of SPG.
"The Marine and Crane Businesses have been long-held and high-performing components of our underwriting and distribution strategy. The timing, however, was right for us to focus more attention and resource upon emerging opportunities in our insurance underwriting, distribution and related services portfolio. It was important that these businesses and employees were placed in good hands for the next phase of their life cycle, and we believe SPG is a great fit," said Brian Norman, President of NSA.