Specialty Program Group (SPG), which operates speciality insurance brokerages and underwriting facilities, has acquired ESP Insurance Brokerage.
Financial terms of the deal were not disclosed.
The acquired entity is a Massachusetts-headquartered national insurance broker and programme administrator for the sports, events and promotion marketing and entertainment industries.
Its offerings include insurance for entertainment, leisure and sports facilities, event liability and cancellation, athletic insurance for leagues, camps, and tournaments, insurance, prize indemnity, weather insurance, special event liability and liquor liability.
ESP is said to have covered over 850,000 youth participants last year across the sports and entertainment market. The firm had over $1.5bn in insured limits covering special events of all types.
ESP Insurance Brokerage and SHEL Risk Purchasing Group president Chris Price said that the acquisition would help the firm “continue to scale both our product offerings, our service team and technological capabilities to clients”.
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Specialty Program Group president and CEO Christopher Treanor said: “ESP is on track to become a leading provider of coverage for the sports and entertainment industry.
“They’re a nice complement to our portfolio of specialty companies and fit with our model of acquiring companies with niche expertise and a focus on customer service, including offering online services that make it faster and easier to get insurance coverage.”
SPG, which has 17 portfolio companies, is headquartered in Summit, New Jersey.