Specialty Program Group Acquires Entertainment/Sports Broker ESP in Massachusetts

New Jersey-headquartered Specialty Program Group (SPG) said it has acquired ESP Insurance Brokerage, a national insurance broker and program administrator for the sports, events and promotion marketing and entertainment industries.

Terms were not disclosed.

Headquartered in Worcester, Massachusetts, ESP offers nationwide coverages and has exclusive programs with in-house underwriting and binding authority. Niche offerings include athletic insurance for teams/leagues, camps, and tournaments, insurance for entertainment, leisure and sports facilities, event liability and cancellation, prize indemnity, weather insurance, liquor liability and special event liability.

Chris Price, president of ESP Insurance Brokerage and its risk purchasing group, said ESP was not looking to be acquired but that SPG’s plan makes it possible to continue to scale the operation.

“ESP is on track to become a leading provider of coverage for the sports and entertainment industry,” said Christopher Treanor, SPG president and CEO. He said ESP fits with SPG’s model of acquiring “companies with niche expertise and a focus on customer service, including offering online services that make it faster and easier to get insurance coverage.”

Headquartered in Summit, N.J., SPG was formed in 2015 by Hub International to focus on expanding program underwriting and specialty businesses.

In March, Hub and insurtech Bold Penguin said they agreed to acquire digital agency Insureon Holdings, an independent marketplace for online delivery of small-business insurance that was one of the original insurtechs launched to serve small businesses wanting to buy coverage online. Insureon is scheduled to become part of SPG.

Topics Mergers & Acquisitions Agencies Excess Surplus Liability New Markets Massachusetts