Specialty Program Group LLC Acquires the Assets of Catapult Insurance Solutions, LLC
SUMMIT, N.J., Nov. 2, 2022 /PRNewswire/ -- Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, announced today the acquisition of the assets of Catapult Insurance Solutions. Catapult is a privately held managing general insurance agency and wholesale brokerage for niche industries and hard-to-place risks.
Led by President Tim Sunderman, Catapult's largest delegated authority program is dedicated to providing residential homebuilders, commercial general contractors and trade contractors with best-in-class products and services, including general liability, umbrella, builder's risk, contractor's equipment and workers' compensation.
In addition, Catapult is a Lloyds Coverholder and also provides solutions for hard-to-place risks for coastal and other high hazard property, specialty trade contractor GL, deductible buy downs, commercial DIC (EQ & Flood), and contractor's equipment. Catapult's infrastructure is designed for program incubation and development.
"Tim and his team have implemented a targeted growth strategy and innovative technology platform that have enabled them to become an extremely successful and growing niche player," said SPG President & CEO Christopher Treanor. "Their deep expertise in the construction space will expand SPG's offerings and accelerate our growth in this growing industry."
"We are extremely excited to join the SPG team. Our firms share in the entrepreneurial spirit that has made the specialty distribution space so dynamic and appealing," said Tim Sunderman, President of Catapult. "Their operating philosophy allows for significant autonomy, which was very important as we selected a business partner. The resources and market presence SPG offers will allow us to build upon our capabilities in the niche segments we represent, expand our geographical footprint and ultimately benefit our current and future distribution partners through enhanced products and service. We are encouraged by what we can build together."
Headquartered in Summit, NJ, Specialty Program Group 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 is over two billion in premium. For more information, please visit www.specialtyprogramgroup.com.
Founded in 2007, Catapult Insurance Solutions, LLC is a privately held managing general agency, wholesale brokerage and Lloyd's Coverholder that currently underwrites and administers premium in excess of $50 million through niche programs. Catapult's products are distributed through a group of select agents and brokers throughout the U.S. For more information, please visit www.catapultinsurance.com.
Media: Chris Lamitola
Phone: 908-790-6749
[email protected]
M&A: Chris Treanor
Phone: 908-790-6884
[email protected]
SOURCE Specialty Program Group
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