Specialty Program Group, LLC, Acquires the Assets of Business Underwriters Associates, LLC (BUA)
Second Acquisition in Strategy to Build BGA-Driven Life and Annuity Wholesale Platform
SUMMIT, N.J., Dec. 6, 2022 /PRNewswire/ -- Specialty Program Group LLC (SPG) announced today that it has acquired the assets of Business Underwriters Associates, LLC (BUA). BUA is a brokerage general agent and a market leading wholesaler specializing in life, annuities, disability income and health insurance.
Formed in 1979, BUA is headquartered in Northeast Ohio and serves clients throughout the United States. BUA's team includes in-house underwriters in both life insurance and disability income protection, as well as experienced professionals in life, health, annuity, disability and long-term care insurance. The company has broad access to major markets and offers a robust product line. Under the leadership of President & CEO Jack Wright, BUA has built a strong reputation for innovative case design strategies and has been at the cutting edge of offering digital solutions and services to help streamline the insurance buying process.
The BUA acquisition builds off of SPG's acquisition of the assets of Brokers' Service Marketing Group (BSMG) in December of 2021 and expands SPG's network of life and annuity distributors.
"We're excited to join forces with BUA as we build out a national BGA network of like-minded leading firms," said Jason Lea, CEO of BSMG and head of SPG's Life & Annuity strategy. "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 recognized 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."
"I've known Jason and his team for many years and have watched BSMG innovate and grow," said Jack Wright, CEO of BUA. "We're excited to join the SPG family and this outstanding team. Together, we can leverage our collective expertise and services to deliver best-in-class solutions to the marketplace. Becoming part of the broader SPG business presents a tremendous opportunity."
Founded in 1979, BUA is a brokerage general agent specializing in Life, Annuity, Disability, Long Term Care, and Health insurance. The firm is headquartered in Northeast Ohio and serves clients throughout the United States. The company has a distinctive approach to finding the best solutions for their clients, an approach based on decades of experience, competitive analysis and underwriting depth. For more information, please visit www.buaweb.com.
For 50 years, BSMG has delivered uncompromising support and service to top producers in Life, Annuity, and Long Term Care Insurance. The company maintains a long-standing and well-earned reputation for excellence in providing exceptional guidance to financial service professionals and financial institutions. For more information, please visit www.bsmg.net
Headquartered in Summit, NJ, SPG is a fully licensed holding company established to acquire and scale best-in-class insurance underwriting facilities and specialty businesses throughout North America. SPG has a vast portfolio of specialty companies and places over two billion in premium annually. For more information, please visit www.specialtyprogramgroup.com.
CONTACT:
SPG Media: Chris Lamitola
Phone: 908-790-6749
[email protected]
BSMG Contact : Jason Lea
Phone: 401-709-6238
[email protected]
SOURCE Specialty Program Group
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