Specialty Program Group unit Monarch E&S Insurance coverage Companies has acquired the belongings of Commonwealth Underwriters, a speciality strains managing basic agent (MGA) and wholesale dealer.

Monetary particulars of the deal haven’t been disclosed.

Commonwealth Underwriters specialises in securing insurance coverage protection for hard-to-place dangers that aren’t underwritten by the common market.

It gives a large portfolio of services, with a deal with the surplus and surplus strains.

Monarch E&S CEO Derek Borisoff stated: “Monarch E&S is happy to accumulate the enterprise of Virginia-based Commonwealth Underwriters. Barry and Julia Scott have constructed a extremely regarded organisation.

“Their repute with each retail dealer prospects and binding markets coincides completely with Monarch E&S’s working philosophy. We stay up for working with Barry’s crew to make the general organisation even higher.”

This deal marks a strategic transfer by Monarch E&S because it plans to broaden its footprint and cement its place within the extra and surplus strains market.

Monarch E&S believes that the addition of Commonwealth Underwriters’ experience and assets will make it higher geared up to fulfill the altering necessities of its purchasers and companions.

Commonwealth Underwriters CEO Barry Scott stated: “We’re very excited to hitch forces with Monarch E&S. Monarch E&S shares the identical values that Commonwealth Underwriters was constructed upon. We stay up for the extra merchandise and markets this may convey to higher serve our retail prospects.”