Specialty Program Group Acquires Assets of New York’s The Mechanic Group

Specialty Program Group LLC (SPG), an operator of specialty insurance brokerages and underwriting facilities, has acquired the assets of The Mechanic Group Inc. (TMG), a Pearl River, N.Y.-based specialty insurance program manager. Terms of the acquisition were not disclosed.

Established in 1989, TMG specializes in delivering 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 an 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 following the acquisition.

Headquartered in Summit, N.J., SPG focuses on expanding program underwriting and specialty businesses.

Source: Specialty Program Group LLC

Topics Mergers & Acquisitions New York Excess Surplus