Specialty Program Group (SPG) has acquired the assets of CM&F Group, a digital provider of healthcare liability insurance.
CM&F (formerly Cotterell, Mitchell & Fifer) was founded in 1919 as a property-casualty insurance broker in downtown Manhattan. In 1947, CM&F developed the first nursing professional liability policy, which would become the foundation of its business today.
The acquisition is part of SPG’s strategy to become an industry leader in digital insurance for specialty markets, the company said.
“SPG is poised to be at the forefront of digital transformation by providing solutions and market fulfillment in the digital space,” said Christopher Treanor, president and CEO of SPG. “CM&F is a growing industry leader when it comes to ease of use, speed, and efficiency, and aligns perfectly with our strategy of acquiring specialty, online providers.”
CM&F has insured millions of healthcare professionals across the country. It offers online insurance both direct to consumers and through agent and broker channels. The acquisition by SPG will enable CM&F to focus on expanding its core business by providing operational and HR support, expanding the company’s digital footprint, and providing access to markets.
“CM&F is thrilled to be partnering with a company whose core values of entrepreneurship, integrity, teamwork, accountability and service align directly with those of our current and previous business leaders,” said CM&F CEO Jay Sullivan, who, along with his brothers Calvin and William, is a third-generation family owner. “We believe in our mission and the team at SPG who will be there to support us.”