Summit, NJ – Specialty Program Group (SPG), an insurance holding company for specialty underwriting facilities, recently announced that it has acquired the assets of MarketScout’s workers compensation underwriting unit, to be re-branded by SPG as Specialty Comp Insurance Solutions. Terms of the acquisition were not disclosed.
Based in Dallas, Texas, MarketScout’s workers compensation underwriting unit is a national workers compensation facility specializing in underwriting for hard to place, high hazard risks in various industries including transportation, construction, healthcare, retail, and manufacturing.
“We build programs that deliver unique customer solutions and solid ROE for our underwriting partners. SPG supports this objective so they clearly became the best choice for a transaction on our Workers Comp MGA. SPG will now own a long standing successful Workers Comp MGA under the leadership of Jay Chase and his excellent underwriting team. We will continue to support them via our wholesale Workers Comp division and will use the proceeds from the sale to fund InsureTech and MGA investments,” said Richard Kerr, CEO of MarketScout.
“Joining the SPG team will allow us to partner with like-minded program operators and will add new breadth to our offerings and appeal in the rapidly growing program space. SPG will be a great catalyst for our program, people and continued success” said Jay Chase, who will come over from MarketScout as part of the acquisition and serve as President of Specialty Comp Insurance Solutions.
“Richard and Jay built a tremendous business that provides best in class solutions for their customers. We are excited for Jay and his team to join us as we help them take this specialty comp MGA to the next level” said Chris Treanor, President and CEO of SPG.