Specialty Program Group LLC said Wednesday it has acquired Catapult Insurance Solutions Inc., a privately held general agency and wholesale brokerage based in Carrollton, Texas.
Terms of the deal were not disclosed.
Catapult’s largest delegated authority program provides residential builders, commercial general contractors and trade contractors with coverages including general liability, umbrella, construction risk, contractor’s equipment and workers’ compensation.
Founded in 2007, Catapult is also a Lloyd’s coverholder and provides cover for coastal and other high risk properties and specialist trade contractors general liability.
Led by President Tim Sunderman, Catapult has seven employees, according to its website, and underwrites and administers more than $50 million in premiums through niche programs.
Specialty Program Group, headquartered in Summit, New Jersey, is the seventh largest specialty broker, according to the latest Business insurance ranking.