Program Brokerage Corporation (PBC), a subsidiary of Hub International (HUB), is transferring its general wholesale business to Specialty Program Group (SPG).
The divisions for the spinoff to SPG include general wholesale, environmental, construction, cyber and professional liability.
These will operate under a new brand Specialty Wholesale Insurance Solutions (SWIS), a unit of SPG.
SPG, also a HUB subsidiary, is a speciality broker with more than $2bn in wholesale/managing general agents (MGA) premiums.
It has 19 operating entities, offices in 24 states across the US and a team of 750 people.
As part of the business transfer, PBC’s wholesale leadership and management teams will join SWIS.
PBC’s programme division will continue operating as an independent subsidiary of HUB and serve residential co-ops, condominiums, and rental buildings, along with the pest control industry.
SPG president & CEO Chris Treanor said: “The SWIS team has built one of the nation’s premier wholesale businesses and has strong reputation for expertise and service in the industry. We are fortunate to have such top-level talent join SPG and we see tremendous growth opportunity within the SWIS speciality areas.”
SWIS President Cynthia O’Brien said: “The transition to SPG from HUB will enable us to accelerate our growth strategy and expand our footprint across the country. This move within HUB also enables us to provide a seamless experience for our clients and ensures the continuation of a high level of service and support from a team they know and trust.”
In January this year, SPG purchased assets of Brokers’ Service Marketing Group II (BSMG) for an undisclosed sum.