Hub International’s Specialty Program Group (SPG) has announced its second acquisition of the week with a deal to buy environmental wholesale brokerage firm Beacon Hill Associates (BHA).
The acquisition includes its PartnerOne (P1) environmental Underwriting division.
BHA was established in 1990. Its current leadership will continue to run all aspects of the operation and will work with SPG leadership to launch its environmental platform.
“We are excited to develop new and better products for our clients, and to continue our commitment to the environmental insurance market as part of the SPG family,” said Bill Pritchard, CEO of BHA.
Chris Treanor, President and CEO of SPG, commented: “Partnering with an environmental specialist has always been high on SPG’s industry list but this segment of insurance requires in-depth knowledge of complex exposures, and finding the perfect team took time.”
Terms of the acquisition were not disclosed.
Summit, New Jersey-based SPG – which focuses on expanding program underwriting and specialty businesses – was launched in 2015 by US retail broking giant Hub International and is led by former Marsh, Preferred Concepts and Mercator Risk Services executive Chris Treanor.
Yesterday (7 July) SPG announced the acquisition of transportation program administrator and wholesale broker Avant. Tennessee-based Avant was established in 1973 and delivers insurance solutions to the transportation, supermarket and cannabis industries.
The two acquisitions this week follow SPG last year acquiring Pearl River, New York-based program manager The Mechanic Group and Orlando, Florida-based managing general underwriter Insurance Programs of America and retail insurance agency Risk Advisors of America.