Specialty Program Group (SPG), a specialty insurance distribution, underwriting and advisory business operator, announced the acquisition of Proper Insurance, a provider of insurance for short-term rental properties.
Founded in 2014 and headquartered in Bozeman, Montana, Proper Insurance provides business insurance solutions as an alternative to standard homeowners or landlord policies.
This specialized coverage is designed for homes owned by individual landlords, professionally managed portfolios, and properties listed on platforms like Airbnb® and Vrbo®.
The program is supported by leading insurance marketplaces such as Lloyd’s of London and Concert Specialty and is available nationwide and is Proper licensed in all 50 U.S. states.
“We are very excited about Proper,” said Chris Treanor, SPG President and CEO. “It has the key elements we look for in an acquisition. It is an industry leader with a strong brand and track record. It is in an attractive market segment with good long-term growth potential. It has an excellent management team that will lead it into the future.”
As part of the deal, Michael Grimland has been named president of Proper.
Grimland will lead the business and oversee day-to-day operations, underwriting strategy and the ongoing development of the platform.
The executive joined Proper Insurance in 2017 and most recently served as director of operations. During his time with the company, he has been key to expanding Proper’s underwriting, claims and operations capabilities.
He brings expertise in commercial underwriting, reinsurance and the Lloyd’s of London market to his new role.
“Proper is built on a disciplined underwriting foundation and a deep understanding of the risks unique to short-term rental properties,” said Grimland. “Becoming part of SPG provides an opportunity to further align our capabilities within a broader specialty platform while continuing to focus on delivering insurance solutions designed specifically for this market.”
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