Specialty Program Group buys MGA

Specialty Program Group LLC on Tuesday said it has acquired managing general agency Euclid Specialty Managers LLC, d/b/a Euclid Fiduciary, from Itasca, Illinois-based Euclid Insurance Services Inc. 

Terms of the deal were not disclosed.

Euclid Fiduciary, based in Vienna, Virginia, specializes in complex fiduciary liability and related professional liability insurance for employee benefit plans, a Specialty Program statement said. The unit is led by Managing Principal Daniel Aronowitz and has 17 employees, according to an email from a spokesman.

Specialty Program Group, headquartered in Summit, New Jersey, is a fully licensed holding company established to acquire and scale underwriting facilities and specialty businesses in North America.