Specialty Program Group LLC (SPG), a holding company for specialty brokerage, contract binding, and insurance underwriting facilities, has acquired the assets of Capitol Special Risks, Inc. (CSR). Terms of the acquisition were not disclosed.
Established in 1991 and based in Atlanta, CSR is a niche wholesaler and managing general underwriter specializing in professional and management liability coverages. CSR, an all-female specialty brokerage, was purchased by CEO Lynn Levinson, and President Dorothea Westin, in 1998 and have been sole owners ever since. Westin and Levinson will continue to run the company, post-acquisition.
Levinson said the transaction will enable the company to reach more markets and secure better options on behalf of the agents it works with to place management and professional liability coverage forms.
Headquartered in Summit, NJ, Specialty Program Group focuses on expanding program underwriting, contract binding, and specialty businesses.
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