The acquisition supports plans to expand the company’s footprint
Mergers & Acquisitions
by Ryan Smith
Monarch E&S Insurance Services, a division of Specialty Programs Group, which operates as SPG Insurance Solutions in California, announced that it has acquired the assets of Commonwealth Underwriters, a managing general agent and wholesale broker. There is a special line to do.
Commonwealth underwriters specialize in securing coverage for hard-to-place risks not underwritten by the standard market. It offers a range of products and services with a strong focus on surplus and surplus lines.
“Monarch E&S is pleased to acquire the business of Virginia-based Commonwealth Underwriters,” Derek Borisoff, CEO of Monarch E&S, said, “Barry and Julia Scott have built a highly respected organization. Their reputations with both retail broker clients and binding markets align perfectly with Monarch E&S’s operating philosophy. We look forward to partnering with Barry to further enhance the overall organization.” Looking forward to working with the team.
The company said the acquisition is part of Monarch E&S’s plan to expand its footprint and strengthen its position in the E&S space.
“We are very excited to be working with Monarch E&S,” said Barry Scott, CEO of Commonwealth Underwriters. “Monarch E&S shares the same values on which Commonwealth Underwriters was built. We look forward to additional products and markets that will better serve our retail customers.
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