Leading BGA in the Life and Annuity Market (PRNewsfoto/Specialty Program Group)
January 11, 2022 by Specialty Program Group
SUMMIT, N.J., Jan. 5, 2022 /PRNewswire/ — Specialty Program Group, LLC (SPG), a leading operator of specialty insurance brokerage firms and underwriting facilities, announced today the acquisition of the assets of Brokers’ Service Marketing Group II, LLC (BSMG) as of December 15, 2021.
BSMG is a leading life and annuity brokerage general agency (BGA) serving advisors and financial institutions. The company was formed almost 50 years ago and has a strong reputation for delivering leading-edge solutions. Under the current leadership of CEO Jason Lea, BSMG has continued to grow, offering advisors in all 50 states a unique combination of consultative expertise, innovation and service excellence in the life and annuity arena.
“SPG has been interested in expanding into the life insurance and annuity market and BSMG is a natural fit,” said SPG President & CEO Christopher Treanor. “Jason is a recognized industry leader and he and his team have the insights and expertise to continue to scale their business. They offer products and services in a digital environment and also deliver best-in-class service solutions to the very highest end of the market, both of which are in alignment with SPG’s long-term growth and innovation strategy.”
BSMG has a unique combination of programs that set them apart in the market, including their Risk Differentiation UnderwritingTM (RDU) platform for large complex underwriting cases, as well as access to Vive, a leading online multi-carrier term life platform. The firm’s “Best-Interest” approach to annuities and retirement protection rounds out BSMG’s core business.
“BSMG is thrilled to partner with SPG. We share a vision of building something unique in the BGA space by leveraging our strategy with SPG’s scale and capabilities,” said Jason Lea, CEO of BSMG. “Chris and the team at SPG have a track record of helping entrepreneurial businesses grow, and the cultural fit between our two organizations around quality, customer experience and innovation couldn’t be better.”
About Specialty Program Group
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 13 portfolio companies and is over one billion in premium. For more information, please visit www.specialtyprogramgroup.com.
About Brokers’ Service Marketing Group
For 49 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.
Media: Chris Lamitola
M&A: Chris Treanor
SOURCE Specialty Program Group