Specialty Program Group buys workers comp underwriting unit

Specialty Program Group, an insurance holding company for specialty underwriting facilities, said Wednesday it has acquired the assets of MarketScout’s workers compensation underwriting unit. The sale closed June 1, according to a Specialty Program Group spokeswoman.

Terms of the acquisition were not disclosed.

MarketScout’s Dallas-based workers comp underwriting unit specializes in underwriting for hard-to-place, high-hazard risks in various industries, including transportation, construction, health care, retail and manufacturing, Summit, New Jersey-based Specialty Program Group said in the statement.

The underwriting unit will be re-branded as Specialty Comp Insurance Solutions, according to the statement. 

“The acquisition of MarketScout’s workers compensation underwriting facility is in perfect alignment with SPG’s strategy of acquiring best in class underwriting operations," said Chris Treanor, president and CEO of Specialty Program Group, in an emailed statement. "Jay Chase and his underwriting team have a phenomenal reputation in the industry due to their expertise and ability to underwrite profitably. Their exclusive distribution strategy with both retail and wholesale relationships will remain in place. This acquisition is one of many that will occur this year for Specialty Program Group as we ramp up our (merger and acquisition) efforts.”