#USA #Dallas #SPS #Novatae Risk Group #Trucking Insurance

Novatae Risk Group Expands Its Footprint by Acquiring SPS

On October 1, 2026, Novatae Risk Group, a prominent player in the specialty insurance sector, announced the acquisition of Specialized Program Solutions (SPS), a leading Managing General Agency in the trucking insurance market. This strategic move, effective August 1, 2026, will bolster Novatae's position in the competitive world of trucking insurance, although specific financial terms of the deal remain undisclosed.

Background of SPS

Founded in 2022, SPS quickly established itself as a key player in the underwriting, marketing, and program administration of long-haul trucking risks across the United States. Utilizing a proprietary technology platform, SPS provides innovative data-driven underwriting solutions, alongside responsive portfolio management services. The company has revolutionized the way trucking insurance is approached, making it more efficient and tailored to the needs of its clients.

Christopher Daggett, CEO of SPS, highlighted this acquisition as a vital step towards further enhancing their services: "Since launching SPS, our goal has been to transform the way trucking insurance is underwritten by combining industry-leading technology, real-time comprehensive data and strict underwriting discipline. Joining Novatae allows us to accelerate that vision while continuing to provide our agents and insureds with the responsive service, innovative solutions and specialized expertise they've come to expect. We are excited about the opportunities ahead as part of the Novatae team."

Novatae's Vision and Strategy

Josh Taylor, Managing Director at Novatae, expressed enthusiasm about the acquisition and commended the SPS team for their rapid growth and innovative strategies. “Chris and the SPS team have built an impressive specialty platform in a short period of time,” Taylor stated. “Their technology-driven approach to underwriting, strong performance in the trucking segment, and commitment to disciplined growth make them an outstanding addition to the Novatae team.”

The acquisition is expected to leverage SPS's in-depth subject matter expertise and add innovative capabilities, thereby enhancing Novatae’s existing transportation and specialty program offerings.

Future Prospects

With Novatae managing insurance products and services for complex and challenging risks across diverse sectors, this acquisition aligns perfectly with its mission to remain at the forefront of the insurance marketplace. SPS's specialized knowledge and technology-driven methods promises not only to enhance Novatae's operational efficiency but also to elevate the level of service provided to their extensive client base.

As they move forward, both Novatae and SPS express their commitment to maintaining rigorous underwriting standards and delivering exceptional service to their clients. The combined strengths of both companies have the potential to reshape the trucking insurance landscape, providing more reliable and tailored solutions to their customers.

Conclusion

The strategic acquisition of SPS by Novatae Risk Group signifies a pivotal moment in the expansion of services within the trucking insurance market. Both companies share a vision for innovative and responsive insurance solutions, ensuring they are well-positioned to navigate the changing needs of clients in the sector. As they continue to integrate and strengthen their offerings, Novatae’s acquisition of SPS marks a significant enhancement to their extensive portfolio and a commitment to achieving sustained growth and excellence in the industry.