A prominent insurance programs specialist has taken over another programs company in a deal expected to close in the next 60 days.
New York-based Distinguished Programs Holdings LLC announced Monday that it purchased Fulcrum Insurance Programs of Bellevue Washington. The two businesses will combine and rebrand as Distinguished Specialty, with Fulcrum principals Dusty Rowland and Eric Arthur joining Distinguished Specialty as senior executives.
Rowland will also join the company’s board of advisors, while Brooks Chase takes the role of president.
With the deal, Distinguished gains access to Fulcrum’s book of real estate and hospitality industry business.
“Fulcrum has an outstanding reputation and a deeply talented team,” said Distinguished CEO Jeremy R. Hitzig. “We’ve admired the company as competitors and are thrilled that they will be combining with our organization. We believe that together we will deliver best in class programs for the hospitality and real estate industries with a focus on quality, service and innovation.”
Both Fulcrum and Distinguished’s subsidiary National Specialty Underwriter are known for high limits umbrella liability purchasing groups, targeting commercial and habitational real estate, hotels, resorts, casinos and restaurants.
Individual accounts are able to obtain limits of $250 million to $200 million through these programs.
Distinguished will also feature programs like general liability, auto, property, GKLL, crime, pollution and cyber liability, the company said in a press release.
The transaction is currently being finalized.
