SPG Acquires Logistiq Insurance Solutions for Enhanced Freight Insurance

Specialty Program Group (SPG) has finalized its acquisition of Logistiq Insurance Solutions, merging it with Anova Marine Insurance. This strategic acquisition, while keeping transaction details confidential, enhances SPG’s comprehensive insurance platform. By integrating logistics and digital underwriting capabilities, SPG aims to lead the industry in freight cargo insurance and risk management solutions.

Logistiq Insurance Solutions, a specialist in freight cargo insurance based in Redondo Beach, California, employs approximately 24 staff members. Post-acquisition, leadership teams from both Logistiq and Anova will continue in their roles, ensuring regulatory compliance and seamless operational transition. This consolidation will enhance service offerings for freight forwarders, third-party logistics providers, and motor carriers by incorporating AI-driven claims processing and advanced risk management strategies.

SPG’s expanded portfolio now includes all-risk ocean and domestic cargo insurance, along with stock throughput and open cargo policies, underpinned by logistics operator liability coverage. With authority to underwrite policies up to $50 million within 24 hours, the combined entity bolsters its positioning with licensing and surety bond facilities. As the wholesale and underwriting division of Hub International, SPG continues to prioritize innovative solutions to meet regulatory compliance requirements in the global insurance industry.