Specialty Program Group (SPG) has announced that it has acquired the assets of Business Underwriters Associates (BUA), an Ohio-based brokerage general agent and wholesaler specializing in life, annuities, disability income and health insurance.
BUA was founded in 1979 and serves clients throughout the country. Led by president and CEO Jack Wright, the firm’s team includes in-house underwriters in both life insurance and disability income protection as well as experts in life, health, annuity, disability and long-term care insurance.
The acquisition of BUA builds on SPG’s acquisition of the assets of Brokers Service Marketing Group (BSMG) in December of 2021 and expands its network of life and annuity distributors.
“We’re excited to join forces with BUA as we build out a national BGA network of like-minded leading firms,” said Jason Lea, CEO of BSMG and head of SPG’s life and annuity strategy. “This is the beginning of something truly unique in the life and annuity distribution space. Jack and his team at BUA run an excellent business and are recognized leaders and innovators in our space. Together, we’ll find new ways to grow our business and build our vision for a dominant life and annuity platform.”
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“I’ve known Jason and his team for many years and have watched BSMG innovate and grow,” Wright said. “We’re excited to join the SPG family and this outstanding team. Together, we can leverage our collective expertise and services to deliver best-in-class solutions to the marketplace. Becoming part of the broader SPG business presents a tremendous opportunity.”
BUA is the latest SPG acquisition this year. In July, the company snapped up Massachusetts-based ESP Insurance Brokerage.
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