Monarch E&S swoops for Virginia MGA
Monarch E&S swoops for Virginia MGA | Insurance Business America
Mergers & Acquisitions
Monarch E&S swoops for Virginia MGA
Acquisition supports company’s plan to expand its footprint
Mergers & Acquisitions
By
Ryan Smith
Monarch E&S Insurance Services, a division of Specialty Program Group, which operates as SPG Insurance Solutions in California, has announced that it has acquired the assets of Commonwealth Underwriters, a specialty lines managing general agent and wholesale broker.
Commonwealth Underwriters specializes in securing coverage for hard-to-place risks not written by the standard market. It offers an array of products and services, with a strong focus on excess and surplus lines.
“Monarch E&S is pleased to acquire the business of Virginia-based Commonwealth Underwriters,” said Derek Borisoff, CEO of Monarch E&S. “Barry and Julia Scott have built a highly regarded organization. Their reputation with both retail broker customers and binding markets coincides perfectly with Monarch E&S’s operating philosophy. We look forward to working with Barry’s team to make the overall organization even better.”
The acquisition is part of Monarch E&S’s plan to expand its footprint and solidify its position in the E&S space, the company said.
“We are very excited to join forces with Monarch E&S,” said Barry Scott, CEO of Commonwealth Underwriters. “Monarch E&S shares the same values that Commonwealth Underwriters was built upon. We look forward to the additional products and markets this will bring to better serve our retail customers.”
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