So what does it feel like to be acquired?
by Sam Boyer, Insurance Business Magazine, November 29, 2017
In today’s market, there are independent agencies being acquired practically every day. But what is it like to be bought out? What happens afterwards? What changes take place?
Insurance Business got back in touch with Derek Borisoff – whose agency, Monarch E&S Insurance Services, was acquired almost three months ago by Specialty Program Group (SPG), the seventh-largest global broker – to hear what it’s like to relinquish the reins.
“We’re almost 90 days into it at this point,” Borisoff said. And, so far, the deal couldn’t have been better.
Monarch E&S Insurance Services acquired by Specialty Program Group (SPG)
SUMMIT, NJ / BURBANK, CA, September 7, 2017
Monarch E&S Insurance Services has been acquired by Specialty Program Group (SPG), the seventh-largest global insurance broker.
Derek Borisoff, CEO of Monarch E&S, started running the firm in 1994 and assumed majority ownership in 2001.
“After years of steady growth, we recognized the need to become part of a much larger team to best serve our retail agent customers,” Borisoff said. “Specialty Program Group fills that need and more. The ability to utilize SPG’s resources allows Monarch to better serve our clients by enhancing the customer experience and expanding product solutions.”
“Derek and his team built a fantastic business by delivering superior customer service and great products to their customers,” said Chris Treanor, president and CEO of Specialty Program Group. “They have a strong culture that emphasizes teamwork, customer service, creativity and integrity. Their business fits in perfectly with SPG’s strategy to acquire best-in-class specialty businesses and help them scale by providing additional access to capital, market relationships, distribution and process efficiency.”
About Specialty Program Group
Headquartered in Summit, NJ, SPG focuses on expanding program underwriting and specialty businesses. For more information, please visit specialtyprogramgroup.com