SPG Acquires Proper Insurance to Enhance Specialty Property Coverage

Specialty Program Group LLC (SPG) has announced the acquisition of Proper Insurance, enhancing its specialty property insurance offerings and broadening its reach in the lucrative short-term rental sector. This move underscores SPG's strategic expansion into niche insurance markets, fostering growth in areas with significant demand for specialized coverage solutions.

Michael Grimland will take over as president of Proper Insurance post-acquisition. With a robust background in commercial underwriting and reinsurance, as well as experience working with Lloyd’s of London, Grimland is well-equipped to lead the company. His new role will focus on overseeing operations, refining underwriting strategies, and spearheading platform development to align with the company's growth objectives.

Established in 2014 and headquartered in Bozeman, Montana, Proper Insurance specializes in tailored insurance policies for short-term rental properties. Their commercial insurance product is designed to replace standard homeowners or landlord insurance, effectively addressing risks associated with platforms like Airbnb and Vrbo. Underwritten by Lloyd’s of London and Concert Specialty, these offerings are accessible across all 50 U.S. states, cementing Proper Insurance’s position in the market.

Commenting on the acquisition, Chris Treanor, president and CEO of SPG, emphasized Proper Insurance's strong industry reputation and growth potential. "Proper Insurance has all the elements we seek—it operates in a promising market with a capable management team," he noted. Grimland added, "Our foundation rests on disciplined underwriting and understanding the risks tied to short-term rentals, and being part of SPG allows us to enhance our platform further."