Specialty Program Group (SPG) has bought the assets of Business Underwriters Associates (BUA), a wholesale brokerage general agency focusing on life, annuities, health insurance, and disability income, for an undisclosed sum.
The deal strengthens SPG’s life and annuity distributor network and marks its second purchase as part of its plan to develop a BGA-driven life and annuity wholesale platform.
It follows the firm’s purchase of the assets of Brokers’ Service Marketing Group (BSMG) in December last year.
BUA CEO Jack Wright called the integration with SPG a “tremendous opportunity”.
“Together, we can leverage our collective expertise and services to deliver best-in-class solutions to the marketplace,” he noted.
New Jersey-headquartered SPG is a holding company established to buy and scale insurance underwriting facilities and specialty businesses in North America.
BUA, its latest acquisition, was established in 1979. Based in Northeast Ohio, the firm offers services across the US.
BSMG CEO and SPG Life & Annuity strategy head Jason Lea said: “This is the beginning of something truly unique in the life and annuity distribution space.
“Jack and his team at BUA run an excellent business and are recognised leaders and innovators in our space. Together, we’ll find new ways to grow our business and build our vision for a dominant life and annuity platform.”
Last month, SPG snapped up the assets of Catapult Insurance Solutions.
Earlier this year, the firm bought ESP Insurance Brokerage, which provides products for athletics, event liability, weather, entertainment, and leisure segments.