Specialty Program Group moves to acquire ESP Insurance Brokerage | Insurance Business America
Specialty Program Group LLC (SPG), an operator of specialty insurance brokerages and underwriting facilities, has announced its acquisition of ESP Insurance Brokerage LLC (ESP).
ESP is a national insurance broker and program administrator founded five years ago for the sports, events & promotion marketing, and entertainment industries. Based in Worcester, MA, ESP provides nationwide coverages and has exclusive programs with in-house underwriting and binding authority through A+ rated carriers.
It offers niche insurance solutions such as athletic insurance for teams/leagues, camps, and tournaments, insurance for entertainment, leisure and sports facilities, event liability and cancellation, prize indemnity, weather insurance, liquor liability and special event liability.
A release said that ESP covered more than 850,000 youth participants in 2021, and that it had over $1.5 billion in insured limits covering special events of all types.
“ESP is on track to become a leading provider of coverage for the sports and entertainment industry,” said SPG president and CEO Christopher Treanor. “They’re a nice complement to our portfolio of specialty companies and fit with our model of acquiring companies with niche expertise and a focus on customer service, including offering online services that make it faster and easier to get insurance coverage.”
“Simply stated we are here to build a winner for SPG. The team at ESP is beyond excited to join SPG and continue to scale both our product offerings, our service team and technological capabilities to clients,” said ESP and SHEL Risk Purchasing Group president Chris Price.
Price added that while ESP was not looking to get acquired, talking with Treanor and the SPG team revealed that SPG “had a vision and a plan for the operation that made it impossible for us not to be part of the family on the go forward,” the president stated.
Read more: Specialty Program Group welcomes new director of marketing
Last month, SPG appointed Eli Orozco as its new director of marketing. Orozco joined SPG from mobile solutions developer Bretford, where he served as marketing director. He was also formerly the founder and head of marketing operations at EXPLORE VDG, a travel agency service dedicated to luxury vacations in Valle de Guadalupe, Mexico.