Specialty Program Group LLC (SPG), a leading holding company for specialty brokerage, contract binding, and insurance underwriting facilities, announced today that it has acquired the assets of Capitol Special Risks, Inc. (CSR). Terms of the acquisition were not disclosed.
Established in 1991 and based in Atlanta, Georgia, CSR is a niche wholesaler and managing general underwriter (MGU) specializing in professional and management liability coverages. CSR prides themselves on being one of the only all-female specialty brokerages in the country. CEO, Lynn Levinson, and President, Dorothea Westin, purchased the firm in 1998 and have been sole owners ever since. Dorothea and Lynn will continue to run the CSR operations for SPG post-acquisition.
"Our team is excited about the opportunity to link forces with an insurance organization like Specialty Program Group. This sale will give us the opportunity to leverage overall buying power in the market without sacrificing our independence. Capitol Special Risks has a unique corporate culture where service and responsiveness are valued not just by our staff, but by our agents and markets as well. We believe this transaction will enable us to reach more markets and secure better options on behalf of the agents we work with to place management and professional liability coverage forms," said Levinson.
"As a privately held company, we have always been resistant to even considering a merger or sale. However, the insurance industry continues to evolve and with the rapid growth of technology, as an independent we have struggled to keep up. We see our synergy with Specialty Program Group as an opportunity to utilize better IT services and media outlets to fulfill our main purpose, which is to solve key insurance problems," said Westin.
Chris Treanor, President and CEO of Specialty Program Group, values the expertise Capitol Special Risk brings to the table. "The acquisition of CSR's business fits into our strategy of purchasing expertise driven specialty businesses. Dorothea, Lynn and their team have built a great management and professional liability business using their deep product knowledge and market relationships to provide their customers with brokerage and underwriting solutions."
About Specialty Program Group
Headquartered in Summit, NJ, Specialty Program Group focuses on expanding program underwriting, contract binding, and specialty businesses. For more information, please visit specialtyprogramgroup.com