The acquisition supports the company’s plan to expand its presence
Fusions and acquisitions
By Ryan Smith
Monarch E&S Insurance Services, a division of Specialty Program Group, doing business as SPG Insurance Solutions in California, has announced that it has acquired the assets of Commonwealth Underwriters, a specialty lines management wholesale broker and general agent.
Commonwealth Underwriters specializes in underwriting cover for hard-to-place risks not underwritten by the standard market. It offers a range 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. Its reputation with both retail broker clients and binding markets is a perfect match with Monarch E&S’s operating philosophy. We look forward to working with Barry’s team to further improve the overall organization.”
The acquisition is part of Monarch E&S’s plan to expand its presence and consolidate its position in the E&S space, the company said.
“We are very excited to join forces with Monarch E&S,” said Barry Scott, chief executive of Commonwealth Underwriters. “Monarch E&S shares the same values on which Commonwealth Underwriters was built. We look forward to the additional products and markets this will bring to better serve our retail customers.”
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