Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, has acquired the assets of Catapult Insurance Solutions.
Catapult is a privately held managing general insurance agency and wholesale brokerage for niche industries and hard-to-place risks. The company is led by President, Tim Sunderman.
Moreover, Catapult’s largest delegated authority program is dedicated to providing residential homebuilders, commercial general contractors and trade contractors with the best-in-class products and services, including general liability, umbrella, builder’s risk, contractor’s equipment and workers’ compensation.
Additionally, Catapult is also a Lloyds Coverholder and provides solutions for hard-to-place risks for coastal and other high hazard property, specialty trade contractor GL, deductible buy downs, commercial DIC (EQ & Flood), and contractor’s equipment.
SPG President & CEO Christopher Treanor, commented: “Tim and his team have implemented a targeted growth strategy and innovative technology platform that have enabled them to become an extremely successful and growing niche player. Their deep expertise in the construction space will expand SPG’s offerings and accelerate our growth in this growing industry.”
Tim Sunderman, President of Catapult, added: “We are extremely excited to join the SPG team. Our firms share in the entrepreneurial spirit that has made the specialty distribution space so dynamic and appealing.
“Their operating philosophy allows for significant autonomy, which was very important as we selected a business partner. The resources and market presence SPG offers will allow us to build upon our capabilities in the niche segments we represent, expand our geographical footprint and ultimately benefit our current and future distribution partners through enhanced products and service. We are encouraged by what we can build together.”
Meanwhile, earlier this year, SPG acquired ESP Insurance Brokerage – a national broker and program administrator for the sports, events and promotion marketing and entertainment industries.
Elsewhere, SPG recently announced it was forming a new wholesale insurance division.
