Specialty Program Group LLC (SPG), an operator of specialty insurance brokerages and underwriting facilities, has acquired the assets of Insurance Programs of America, Inc. (IPOA), a boutique managing general underwriter, and Risk Advisors of America, L.L.C. (RAA), a retail insurance agency. Terms of the acquisition were not disclosed.
Established in 2006 and based in Orlando, Fla., IPOA and RAA are a hospitality focused insurance distribution platform. The groups have experience in restaurant and hotel risks and the newly acquired team will launch SPG’s hospitality platform. The current leadership of IPOA and RAA will continue to run the operation following the closing.
Chris Treanor, president and CEO of SPG, said the company has planned to partner with an “industry leader” in the hospitality field, since SPG started.
“Together, we will focus on creating additional product offerings and expanding our industry solutions to better serve the needs of our collective clients,” Treanor said.
Headquartered in Summit, N.J., SPG focuses on expanding program underwriting and specialty businesses.
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