Monarch E&S Insurance Services, a division of Specialty Program Group, which operates as SPG Insurance Solutions in California, has announced that it has acquired the assets of Commonwealth Underwriters, a specialty lines managing general agent and wholesale broker.
Commonwealth Underwriters specializes in securing coverage for hard-to-place risks not written by the standard market. It offers an array of products and services, with a strong focus on excess and surplus lines.
“Monarch E&S is pleased to acquire the business of Virginia-based Commonwealth Underwriters,” said Derek Borisoff, CEO of Monarch E&S. “Barry and Julia Scott have built a highly regarded organization. Their reputation with both retail broker customers and binding markets coincides perfectly with Monarch E&S’s operating philosophy. We look forward to working with Barry’s team to make the overall organization even better.”
The acquisition is part of Monarch E&S’s plan to expand its footprint and solidify its position in the E&S space, the company said.
“We are very excited to join forces with Monarch E&S,” said Barry Scott, CEO of Commonwealth Underwriters. “Monarch E&S shares the same values that Commonwealth Underwriters was built upon. We look forward to the additional products and markets this will bring to better serve our retail customers.”
In December, Monarch E&S parent company Specialty Program Group acquired the assets of Ohio-based Business Underwriters Associates.
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