Specialty Program Group branches into hospitality with acquisitions

Specialty Program Group LLC, a holding company for brokerages and underwriting facilities, said on Tuesday it has acquired the assets of hospitality managing general underwriter Insurance Programs of America Inc. and retail insurance agency Risk Advisors of America LLC.

Terms of the transactions were not disclosed.

Based in Orlando, Florida, Insurance Programs of America and Risk Advisors of America are a hospitality insurance distribution platform, Summit, New Jersey-based Specialty Program Group LLC said in a statement.

Both companies are independently owned and have a combined staff of 28, all of whom will be joining Specialty Program Group, a spokeswoman said.

With its expertise in franchise, restaurant and hotel risks, the newly acquired team will launch Specialty Program Group’s hospitality platform, according to the statement.

The current leadership of Insurance Programs of America and Risk Advisors of America will continue to run the operation after closing of the deal, SPG said in the statement.

Specialty Program Group ranked eighth on Business Insurance’s latest ranking of the largest managing general agents, underwriting managers and Lloyd’s coverholders.