Monarch E&S Insurance Services, a division of Specialty Program Group, has acquired Texas-based contract binding and brokerage firm Professional Insurance Executives (PIE) for an undisclosed sum.
Founded in 2009 by Bruce Hart, a seasoned professional with over four decades in the industry, PIE is well-regarded for its strong underwriting capabilities, commitment to innovation, and client-focused service.
“Bringing PIE into the Monarch family enriches our portfolio with excellent underwriting and expands our relationships in key markets,” stated Derek Borisoff (pictured), chief executive of Monarch E&S. “Bruce’s extensive experience and leadership are invaluable as we continue to strive toward being the preeminent leader in the contract binding sector.”
For Hart, joining Monarch E&S offers “an incredible opportunity” to PIE, enabling the managing general agency to leverage the wider group’s resources and market reach.
“This expansion will enhance our service delivery and allow us to provide even more comprehensive solutions to our clients,” he said.
Recent acquisitions by Monarch E&S include Commercial Sector Insurance Brokers (CSIB) in Alabama and Commonwealth Underwriters in Virginia.
“CSIB has established a strong reputation in our industry and brings a depth of specialization that complements Monarch’s current offerings,” Borisoff commented in July. “Integrating CSIB will enhance our capabilities and enable us to offer a more comprehensive contract binding solution nationwide.
“We are enthusiastic about the potential to expand our service offerings to include CSIB’s expertise in the mining sector.”
As for the Commonwealth Underwriters swoop earlier this year, the CEO cited the firm’s expertise in securing insurance coverage for hard-to-place risks not written by the standard market.
“[Barry and Julia Scott’s] reputation with both retail broker customers and binding markets coincides perfectly with Monarch E&S’s operating philosophy,” Borisoff noted previously. “We look forward to working with Barry’s team to make the overall organization even better.”
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