The acquisition supports the company’s plan to expand its footprint
Mergers and Acquisitions
By Ryan Smith
Monarch E&S Insurance Services, a division of Specialty Program Group, operating as SPG Insurance Solutions in California, 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 difficult area risks not underwritten in the standard market. It offers an array 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,” said Derek Borisoff, CEO of Monarch E&S. “Barry and Julia Scott have built a respected organization. Their reputation among customers in the retail broker and bond markets is perfectly aligned 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 strengthen 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 Commonwealth Underwriters was built on. We look forward to the additional products and markets it will bring to better serve our retail customers.”
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