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Underwriting firm buys cannabis insurance agency

Underwriting firm buys cannabis insurance agency

Specialty Program Group L.L.C., a holding company for specialty brokerages and underwriting facilities, said Monday it has acquired the assets of Novato, California-based Professional Program Insurance Brokerage, a managing general agency whose specialties include cannabis.

Summit, New Jersey-based Specialty Program said in its statement that terms of the acquisition were not disclosed.  It said in addition to cannabis, other Professional Program specialties include medical-oriented spas, e-cigarettes, tattoo shops, beauty salons, carnivals, pyrotechnics, smoke shops and permanent cosmetics. 

It said the company’s president, Susan Preston, will continue to run the operation after the deal closes.





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