Monarch E&S Insurance Services, a division of Specialty Program Group LLC, has acquired Market Finders, a managing general agent and wholesale broker based in Albuquerque, New Mexico.

The deal aligns with Monarch’s strategy of working with regionally established MGAs and expands its presence in the Southwest.

Founded in 1971, Market Finders provides access to more than 30 insurance markets, including several with binding authority. The firm offers both personal and commercial lines, including transportation-related coverage. It is led by president Steve Shaffer and maintains a network of retail agent relationships.

Monarch E&S CEO Derek Borisoff (pictured) said Market Finders has held a longstanding role in the MGA community. He noted that the company’s underwriting capabilities, carrier relationships, and regional presence would be assets. 

Meanwhile, Shaffer said the decision to partner with Monarch followed a period of evaluation and that the company viewed Monarch as a good fit due to its understanding of the independent MGA model and recognition of Market Finders’ history. He added that the expanded resources and market access would allow the firm to offer a wider range of options to agents while maintaining its existing service approach.

The move is the latest in a recent series for Monarch E&S. In 2024, the company acquired Texas-based contract binding and brokerage firm Professional Insurance Executives for an undisclosed amount. Founded in 2009 by Bruce Hart, Professional Insurance Executives is known for its underwriting capabilities and focus on innovation and client service.

“Bringing PIE into the Monarch family enriches our portfolio with excellent underwriting and expands our relationships in key markets,” stated Borisoff at the time.