Specialty Program Group

What Specialty Program Group does

Specialty Program Group, LLC (SPG) is a US specialty insurance platform founded in 2015 and operating as a subsidiary of Hub International. The company acquires and scales underwriting facilities and specialty insurance brands across wholesale distribution, MGA program underwriting, digital insurance marketplaces, and employee benefits consulting. SPG distributes through retail insurance agents and brokers, financial advisors, RIAs, broker-dealers, banks, wirehouses, and direct-to-consumer digital channels, with operations licensed across all 50 US states and headquarters in Chicago.

The company's product portfolio spans multiple specialty divisions: Wholesale brokerage (commercial lines, ExecuPro, personal lines, environmental, construction); Underwriting (contractors/infrastructure, main street, marine, professional liability, transportation); Digital platforms (Squaremouth travel insurance marketplace, Insureon small business insurance, CM&F healthcare professional liability, Anova marine cargo and logistics, Professional Program Insurance Brokerage for niche industries); Life & Annuity distribution (unified under SPG Life & Annuity, combining AgencyONE, BSMG, and BUA, with over $1 billion in annual annuity premium and $60M+ in annual life premium); Employee Benefits (TOIC, Strategic Benefit Resources, Total Benefit Solutions with proprietary QUBE quoting engine, SPG Ancillary and Specialty Benefits); Specialty Retail (Showdown event cancellation, Global Product Protection boat warranties, Jones Birdsong motorsports, Insurance Allies recreation, Prize and Promotion Insurance); and Services (Specialty Captive Group, Avant Claims, DRS Disaster Recovery).

The underlying technology stack includes proprietary digital platforms (the Vive Term Life platform for instant quoting and guided submission, the RDU mortality assessment framework for affluent clients, the SPG Marketplace unified digital front door, QUBE quoting engine, and Squaremouth and Insureon comparison marketplaces) alongside third-party integrations such as Vertafore's Surefyre AI-enabled agent portal and underwriting workbench. SPG generates revenue primarily through commission income on placed insurance premiums, MGA underwriting profits and administrative fees, and digital marketplace transaction revenue, with pricing typically quote-based on risk profile, coverage limits, and carrier guidelines. The company pursues an aggressive roll-up strategy, having completed at least eight disclosed acquisitions since 2021 while also divesting non-core assets such as Specialty Comp Insurance Solutions in 2026.

Name

Specialty Program Group

Legal name

Specialty Program Group, LLC

Website

https://specialtyprogramgroup.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Specialty Insurance

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurance Program Administration & MGA/MGU Services (FSAEADAK)

Keywords

• Specialty insurance underwriting
• Wholesale insurance brokerage
• MGA program management
• Life and annuity distribution
• Digital insurance marketplace

Headquarters

HQ city

Summit

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premium Distribution: Wholesale distribution of insurance products earning commissions from carriers on placed premiums. SPG acts as intermediary between retail agents/brokers and insurance carriers.
2. MGA Underwriting Fees: Program underwriting operations through managing general agents earning underwriting profit and administrative fees on bound coverage.
3. Digital Platform Revenue: Direct-to-consumer and digital agency revenue from platforms including Squaremouth (travel insurance) and Insureon (small business insurance) where customers purchase policies online.
4. Benefits Consulting: Employee benefits consulting services including data analytics, reinsurance advisory, pharmacy benefit solutions, and project-based consulting.
5. Life & Annuity Distribution: Wholesale distribution of life insurance, annuities, long-term care, disability, and health insurance products through carrier partnerships.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Specialty Program Group is a wholesale specialty insurance platform that acquires, operates, and consolidates underwriting and distribution facilities across North America. It provides MGA program underwriting, wholesale brokerage distribution to retail agents and brokers, digital direct-to-consumer insurance marketplaces, life and annuity wholesale distribution, and employee benefits consulting across multiple specialty niches including marine, transportation, healthcare professional liability, construction, environmental, and hard-to-place risks. The company operates across all 50 U.S. states through more than a dozen specialty brands unified under platforms such as SPG Transportation and SPG Life & Annuity.

Product overview

Specialty Program Group (SPG) operates as a specialty insurance platform with a diversified portfolio spanning multiple divisions including Digital (Squaremouth, Insureon, CM&F Group, Anova), Life & Annuity (unified SPG Life & Annuity platform combining AgencyONE, BSMG, BUA), Benefits (TOIC, Strategic Benefit Resources, Total Benefit Solutions, SPG Ancillary), Services (Specialty Captive Group, Avant Claims, DRS), Specialty Retail (Showdown, Global Product Protection, Jones Birdsong, Insurance Allies, PPI), Underwriting (contractors, main street, marine, professional, transportation, commercial), and Wholesale (commercial lines, ExecuPro, personal lines, environmental, construction). The platform provides technology-driven insurance solutions across digital marketplaces, MGA operations, wholesale brokerage, employee benefits, and specialized retail insurance programs.

Differentiator

Problem solved

Functional benefit

Brands

• SPG Transportation: Consolidated transportation insurance platform covering trucking, last mile delivery, and moving and storage risks.
• SPG Life & Annuity
• Anova Marine
• Insureon
• Squaremouth
• CM&F Group
• Professional Program Insurance Brokerage (PPIB)
• Sadler
• Jones Birdsong
• Global Product Protection (GPP)
• Insurance Allies
• Showdown
• Total Benefit Solutions (TBS)

Products and services

• SPG Marketplace Streamlined digital access to retail and wholesale specialty products across SPG divisions, allowing agents, brokers, and insureds to find and access products in one place.
• Insureon Small Business Insurance Number one independent digital agency for online delivery of small business insurance covering general liability, professional liability, BOP, workers' comp, cyber liability, and commercial property for SMBs across all industries.
• Squaremouth Travel Insurance America's leading digital travel insurance marketplace supporting over 4 million clients with 100+ plans from more than 20 top insurers for trip cancellation, medical emergencies, evacuation, baggage protection, and travel delays.
• CM&F Group Healthcare Professional Liability Professional liability insurance specialists for healthcare professionals across 200+ profession types including physician assistants, nurse practitioners, nurses, physical therapists, mental health professionals, and chiropractors, with online quoting and binding.
• Anova Marine Cargo & Logistics Insurance Premier provider of cargo and logistics insurance, liability insurance, and bonds for freight forwarders, NVOCCs, shipping lines, customs brokers, and international trading companies.
• Professional Program Insurance Brokerage (PPIB) Liability insurance specialist since 1993 focusing on niche industries including medispas, tattoo studios, smoke shops, and pyrotechnics.
• SPG Transportation Unified transportation insurance platform covering trucking, last mile delivery, moving and storage, and transportation risk management.
• SPG Life & Annuity Distribution Wholesale distribution of life insurance, annuities, long-term care, disability, and health products through financial advisors, RIAs, broker-dealers, banks, and wirehouses across all 50 states.
• Life Insurance Products Life insurance offerings including term, whole, universal, indexed universal, variable universal, and survivorship policies distributed through SPG Life & Annuity carrier partners.
• Annuity Products Fixed indexed annuities, fixed annuities, and income annuities for clients seeking income, growth, or principal protection.
• Long-Term Care Solutions Traditional long-term care, hybrid linked benefit, and rider-based approaches for longevity and asset-protection planning.
• Vive Term Life Platform Proprietary term life quoting and submission platform built for advisors with instant quotes, guided submission, real-time status tracking, digital intake, eApp workflows, and secure data integrations.
• RDU Risk Differentiation Underwriting Proprietary underwriting framework redefining mortality assessment for affluent clients with access to exceptional clinical care, securing superior life insurance pricing by capturing clinical merits standard actuarial models miss.
• Showdown Event Cancellation Insurance Event cancellation insurance covering tradeshows, conventions, meetings, summits, sports events, concerts, and festivals.
• Global Product Protection Boat Extended Warranties Provider of boat extended warranty solutions offering premium product protection plans for marine dealers, OEMs, and individual boat owners.
• Jones Birdsong Motorsports Insurance National leader in motorsports insurance providing tailored risk solutions for racetracks, racing events, teams, and individual competitors.
• Insurance Allies Recreation & Entertainment Insurance Leading independent broker in recreation and entertainment insurance, servicing over 1,000 clients nationwide for hard-to-place risks.
• Prize and Promotion Insurance (PPI) Specialist in promotional risk coverage including prize indemnity, contractual bonus, over redemption, and weather insurance.
• Specialty Captive Group Captive insurance services including feasibility studies, general management, financial reporting, regulatory compliance, and enterprise risk management.
• Avant Claims Management and Expertise Claims management and expertise services, transitioning to TPA partners effective June 1, 2026.
• DRS Disaster Recovery Services Disaster preparedness planning, real-time response coordination, and post-loss forensic accounting claims calculations.
• TOIC Employee Benefits Consulting Data-first healthcare consulting platform combining analytics, reinsurance, pharmacy benefit solutions, and project consulting.
• Strategic Benefit Resources Self-Funded Health Consulting Self-funded health plan consulting and stop loss services partnering with employee benefit advisors and third-party administrators.
• Total Benefit Solutions Wholesale Employee Benefits Wholesale employee benefits agency specializing in multi-employer association products and risk management with the proprietary QUBE quoting engine.
• SPG Ancillary Benefits Expert consulting and end-to-end service support across ancillary benefits including dental, vision, life, disability, and supplemental health.
• SPG Specialty Benefits Innovative benefit strategies for employers, associations, and global groups including absence management, PEO solutions, and captive strategies.

Quantifiable outcome

• MGAs and wholesalers save up to 2.5 hours per policy issued using Surefyre platform
• +2 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability4 records

Feature5 records

Partnerships

Three partnerships are on record, tiered strategic and core.

• LIBRA (Life Insurance Brokerage Association)strategicChannel Partner/ Reseller/ Distributor · 31 March 2026SPG Life & Annuity is a member of LIBRA, benefiting from expanded market access, shared intelligence, and stronger placement outcomes through collaborative programs with carrier partners.
• VertaforecoreTechnology or Integration · 30 October 2025SPG has adopted Vertafore's Surefyre AI-enabled agent portal and underwriting workbench to improve operational efficiency and create a modern digital experience for retail agencies. The platform enables faster policy issuance with MGAs and wholesalers saving up to 2.5 hours per policy, with future AI capabilities planned.
• Multiple Life & Annuity CarrierscoreChannel Partner/ Reseller/ DistributorSPG Life & Annuity partners with a broad roster of highly rated carriers across life insurance, annuities, long-term care, disability, and health. Carrier partners include Allianz, American National, Athene, Banner Life, Corebridge Financial, Equitrust, F&G Annuities, Global Atlantic, John Hancock, Lincoln Financial, New York Life, MassMutual, Nationwide, North American, and others.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Amwins Group: Largest US specialty wholesale insurance brokerage and managing general agent, distributing through retail agents and brokers across all major specialty lines. Directly comparable to SPG's wholesale and MGA model with substantially greater scale.
• RPS (Risk Placement Services): Major wholesale insurance brokerage and MGA platform specializing in specialty and excess & surplus lines, distributing through retail agents nationwide. Direct competitor to SPG Wholesale and SPG Underwriting divisions.
• CRC Group: Wholesale insurance distribution and specialty binding authority platform with operations across multiple specialty niches including transportation, marine, professional liability. Closely aligned with SPG's wholesale and program underwriting model.
• Burns & Wilcox: Specialty wholesale insurance broker and MGA distributing surplus and specialty lines to retail agents. Highly comparable to SPG's Wholesale division across personal lines, commercial, environmental, and construction.
• Brown & Riding: National specialty wholesale insurance broker focused on complex and hard-to-place risks across property, casualty, professional liability and management liability. Comparable niche specialty distribution profile to SPG.
• Worldwide Facilities: National wholesale insurance brokerage and MGA platform distributing specialty and surplus lines through retail agents. Comparable in product breadth and wholesale distribution model to SPG.
• NSM Insurance Group: Specialty MGA and program administrator focused on niche verticals including collectors, habitational, social services, and pet. Comparable specialty program administration and MGA operations to SPG Underwriting division.
• J.M. Wilson: Mid-market wholesale insurance brokerage managing general agent with specialty binding authority across multiple states. Comparable in MGA program structure and wholesale distribution to SPG.

Broad incumbents

• Hub International: Parent company of SPG and one of the largest global insurance brokers offering retail brokerage, wholesale, and specialty programs. SPG operates as a specialty subsidiary within Hub's broader portfolio.

Emerging players

• Insureon: Digital marketplace for small business insurance — actually an SPG subsidiary, but the direct-to-consumer model itself mirrors independent players like Next Insurance and CoverHound in the small commercial digital space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/specialty-program-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Specialty Program Group