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Specialty Program Group expands with California buy

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Specialty Program Group expands with California buy

Specialty Program Group L.L.C., a Summit, New Jersey-based holding company for specialty insurance underwriting and managing general agency facilities, said Thursday it has acquired the assets of Borisoff Insurance Services Inc., which does business as Monarch E&S Insurance Services.

Terms of the deal were not disclosed.

Burbank, California-based Monarch is a full-service MGA and wholesale brokerage active in both commercial and personal lines and operates six offices in California and one in Arizona, according to its website.

CEO Derek Borisoff started running Monarch in 1994 and assumed majority ownership in 2001, Specialty Program Group said in a statement. He will continue as Monarch’s president, said a spokeswoman in a separate statement.

“After years of steady growth, we recognized the need to become part of a much larger team to best serve our retail agent customers. Specialty Program Group fills that need and more,” Mr. Borisoff said in the Specialty Program Group statement.

 

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