Specialty Program Group Expands Property Insurance Footprint with Proper Insurance Acquisition

Specialty Program Group Expands Property Insurance Footprint

Specialty Program Group LLC (SPG), recognized as a leader in specialty insurance distribution and consulting, has recently finalized the acquisition of Proper Insurance. This strategic move highlights SPG’s commitment to broadening its property insurance offerings, particularly in the burgeoning area of short-term rental properties.

Founded in 2014 and situated in Bozeman, Montana, Proper Insurance has made its mark by providing tailored coverage options for short-term rental owners, including those utilizing popular platforms such as Airbnb and Vrbo. Unlike traditional homeowner or landlord insurance policies, Proper's approach addresses the unique risks associated with short-term rentals, thereby filling a crucial gap in the insurance market.

With the backing of prestigious insurance markets such as Lloyd's of London and Concert Specialty, Proper Insurance boasts a national presence, holding licenses across all 50 states. Combining Proper's specialized knowledge with SPG's extensive resources paves the way for further innovation and development in this niche market.

Michael Grimland, who has been a pivotal team member at Proper since 2017, has been appointed as the President of Proper following the acquisition. He will be responsible for leading the company’s operational strategy and execution. Grimland's prior role as Director of Operations equipped him with valuable insights into Proper’s underwriting, claims management, and operational growth, making him a strong fit to guide the company forward within the SPG framework.

Reflecting on the acquisition, SPG President and CEO Chris Treanor expressed enthusiasm regarding Proper's established brand and strong market position. He emphasized that Proper is well-poised for long-term growth, thanks to its unique business model and effective management. “Proper has the key ingredients we look for in acquisition. It is an industry leader with a strong brand track record and operates in a market segment that holds significant growth potential,” Treanor stated.

Grimland echoed these sentiments, articulating optimism about the fusion of Proper's capabilities with SPG's broader specialty insurance platform. He underscored that maintaining a focus on delivering innovative insurance solutions tailored to the short-term rental market would be imperative in their new partnership.

This acquisition serves as a testament to SPG’s dedication to enhancing its specialty property insurance services, particularly as the short-term rental market continues to expand. The addition of Proper Insurance not only strengthens SPG's market offerings but also positions it favorably to respond to the evolving needs of property owners across the United States, ensuring they receive the coverage they need in this rapidly changing landscape.

About Specialty Program Group LLC

Specialty Program Group LLC is headquartered in Chicago, Illinois, and operates a diverse portfolio within the specialty insurance sector. The firm's myriad services include underwriting management, digital solutions, and wholesale and specialty retail brokerage. SPG has a proven track record of scaling industry-leading businesses by providing essential resources, access to technological advancements, and strategic partnerships within the insurance landscape. For further information about SPG and its offerings, visit specialtyprogramgroup.com.

About Proper Insurance

Proper Insurance specializes in providing insurance solutions tailored to short-term rental properties. Supported by Lloyd's of London, Proper's offerings replace traditional insurance policies and focus on the unique challenges faced by vacation rental properties. Operating nationwide, Proper Insurance is licensed in all 50 states, providing comprehensive coverage options for property owners. To learn more, visit proper.insure.