Specialty Program Group snaps up cannabis & transportation specialist
New Jersey-based Specialty Program Group (SPG), an operator of specialty insurance brokerages and underwriting facilities, has acquired Avant, a Tennessee-based transportation programme administrator and wholesale brokerage firm, with specialty cannabis and supermarket programme divisions.
Established in 1973, Avant offers insurance solutions to the transportation, supermarket, and cannabis industries, with a focus on risk management and claims
Following the deal, the current leadership of Avant will continue to run all aspects of the operation and Avant CEO Scott Hendricks will assume leadership of all transportation within SPG.
Chris Treanor, president and CEO of SPG, said: "SPG has a track record of partnering with best in class firms and Avant is no different. Their outside-the-box thinking in solving unmet needs for their clients is unparalleled. Their excitement and innovative culture will bring a new dynamic to SPG's transportation platform and together we will continue to create products and services with our clients' needs front of mind."
Henricks commented: "Avant has experienced a long tradition of success but we could not pass up the opportunity to partner with an organization providing unmatched resources to great firms in our space. Working closely with SPG's executive leadership team and their transportation platform, will accelerate the creation of additional product offerings and services in new and existing industries we serve. This partnership will position us even more strongly as a leading program administrator."
