Special Program Group purchases MGA-wholesale brokerage
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Specialty Program Group LLC said Wednesday it has acquired Catapult Insurance Solutions Inc., a privately held managing general agency and wholesale brokerage based in Carrollton, Texas.
Terms of the deal were not disclosed.
Catapult's largest delegated authority program provides residential homebuilders, commercial general contractors and trade contractors with coverages including general liability, umbrella, builders risk, contractors equipment and workers compensation.
Catapult, which was founded in 2007, is also a Lloyd’s coverholder and provides coverages for coastal and other high-hazard property and specialty trade contractor general liability.
Led by President Tim Sunderman, Catapult has seven employees, according to its website, and underwrites and administers premium in excess of $50 million through niche programs.
Headquartered in Summit, New Jersey, Specialty Program Group is the seventh-largest specialty intermediary, according to the most recent Business Insurance ranking.
