Specialty Program Group (SPG), an operator of specialty insurance distribution, underwriting, and consulting businesses, announced the acquisition of Proper Insurance, a provider of insurance coverage designed specifically for short-term rental properties.
Proper Insurance, founded in 2014 and headquartered in Bozeman, Montana, offers a commercial insurance solution that serves as a replacement for standard homeowners or landlord policies.
This specialised coverage is designed for homes owned by individual hosts, professionally managed portfolios, and properties listed on platforms like Airbnb® and Vrbo®.
The program is supported by leading insurance markets, including Lloyd’s of London and Concert Specialty, and is available nationwide, with Proper licensed in all US 50 states.
“We are very excited by Proper,” said Chris Treanor, President & CEO of SPG. “It has the key ingredients we look for in acquisition. It is an industry leader with a strong brand and track record. It is in an attractive market segment with good long-term growth potential. It has a great management team that will lead it into the future.”
As part of the transaction, Michael Grimland has been appointed President of Proper.
Grimland will lead the business and oversee day-to-day operations, underwriting strategy, and continued development of the platform.
The executive joined Proper Insurance in 2017 and most recently held the position of Director of Operations. Throughout his time with the company, he has been key to expanding Proper’s underwriting, claims, and operational capabilities.
He brings expertise in commercial underwriting, reinsurance, and the Lloyd’s of London marketplace to his new position.
“Proper has been built on disciplined underwriting and a deep understanding of the risks unique to short-term rental properties,” said Grimland. “Becoming part of SPG provides an opportunity to further align our capabilities within a broader specialty platform while continuing to focus on delivering insurance solutions designed for this market.”
