Specialty Program Group LLC (SPG), an operator in specialty insurance brokerage, underwriting, and consulting, has acquired the assets of Total Benefit Solutions, LLC (TBS), an insurance brokerage firm based in Bellevue, Washington.
TBS specializes in group health insurance solutions for small- to mid-sized businesses, servicing both U.S.-based and international clients.
TBS holds exclusive contracts within the insurance sector with key carriers, including Aetna. The company’s proprietary Quoting Underwriting Business Engine (QUBE) provides a service model tailored for multinational companies with employees in the US, enabling precise pricing and quoting for these clients.
This strategic acquisition aligns with SPG’s efforts to expand its offerings and capabilities in the group health insurance market.
"Total Benefit Solutions is a standout in the marketplace, recognized for its client-centric health insurance solutions and strong carrier relationships," said Chris Treanor, CEO and president of SPG. " We found the ideal partner in TBS to drive forward our expansion and innovation in this area."
The TBS co-presidents, Mike Crosetto and John Henry, expressed optimism regarding the merger, citing that the partnership with SPG would facilitate further growth and extend the range of services available to TBS clients. They noted that joining SPG brings access to greater resources and networking opportunities, which will enable the company to deliver added value to its clients.
As part of SPG’s acquisition, TBS will continue to operate under the leadership of Crosetto and Henry, with a focus on enhancing SPG’s health insurance platform.
This acquisition marks a significant expansion within SPG’s portfolio, reinforcing its position within the specialty insurance sector. SPG and TBS aim to leverage each other’s strengths to offer diversified services that cater to a broad range of client needs.
With headquarters in Chicago, IL., SPG provides resources in underwriting management, digital solutions, and both wholesale and specialty retail brokerage services.
Meanwhile, TBS is offering customizable group health plans tailored for small- to mid-sized businesses in the U.S. and internationally.
What are your thoughts on SPG’s acquisition of TBS and its potential impact on the group health insurance sector? Share your opinions in the comments below.
