SPG buys assets of life & annuity specialist Brokers’ Service Marketing Group
Specialty Program Group (SPG) has purchased the assets of life and annuity brokerage Brokers’ Service Marketing Group II (BSMG), which has financial institution advisory services across the US.
SPG said it likes the asset because of BSMG's risk differentiation underwriting platform for large underwriting cases, the online multi-carrier term life platform Vive and the firm’s approach to annuities and retirement protection.
SPG has built its business on buying such businesses. It now claims 13 portfolio companies for more than $1 billion in premium.
SPG president & CEO Christopher Treanor (pictured) said: “SPG has been interested in expanding into the life insurance and annuity market and BSMG is a natural fit. Jason is a recognized industry leader and he and his team have the insights and expertise to continue to scale their business. They offer products and services in a digital environment and also deliver best-in-class service solutions to the very highest end of the market, both of which are in alignment with SPG’s long-term growth and innovation strategy.”
BSMG CEO Jason Lea added: “BSMG is thrilled to partner with SPG. We share a vision of building something unique in the BGA space by leveraging our strategy with SPG’s scale and capabilities. Chris and the team at SPG have a track record of helping entrepreneurial businesses grow, and the cultural fit between our two organizations around quality, customer experience and innovation couldn’t be better.”
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