New Jersey-headquartered Specialty Program Group LLC (SPG) has acquired the assets of Euclid Specialty Managers, LLC, which does business as Euclid Fiduciary, from Euclid Insurance Services, Inc.
Euclid Fiduciary, based in Vienna, Virginia, is a managing general agency specializing in complex fiduciary liability and related professional liability insurance for employee benefit plans.
Founded in 2011, Euclid Fiduciary insures some of the largest single-employer, multi-employer, and governmental employee benefit plans. Euclid Fiduciary has underwriting and claims authority from Hudson Insurance Group, an underwriter of specialty lines programs.
Euclid Fiduciary is led by Managing Principal Daniel Aronowitz, who SPG CEO Chris Treanor said “literally wrote the book on fiduciary liability insurance.”
MarshBerry served as financial advisor to Euclid Fiduciary for the transaction.
Euclid Insurance Services is a holding company and platform for the launching and running of specialty program administrators. It is headquartered in Itasca, Illinois.
SPG is a fully licensed holding company established to acquire and scale insurance underwriting facilities and specialty businesses throughout North America.
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