Specialty Program Group, a specialty insurance distribution, underwriting, and consulting platform, announced it has acquired Proper Insurance, a provider of insurance solutions tailored to short-term rental properties.
Founded in 2014 and headquartered in Bozeman, Montana, Proper Insurance offers coverage designed specifically for short-term rental properties, including homes owned by individual hosts and professionally managed portfolios, as well as properties listed on platforms such as Airbnb and Vrbo. The company provides a commercial insurance solution that replaces traditional homeowners or landlord policies. Proper’s program is supported by leading insurance markets, including Lloyd’s of London and Concert Specialty, and is available nationwide, with licenses in all 50 states.
As part of the transaction, Michael Grimland has been appointed President of Proper. In this role, Grimland will lead the business and oversee day-to-day operations, underwriting strategy, and the continued development of the platform.
Grimland has been with Proper Insurance since 2017 and most recently served as Director of Operations. During his tenure, he played a key role in developing and scaling the company’s underwriting, claims, and operational functions. He brings experience in commercial underwriting, reinsurance, and the Lloyd’s of London marketplace.
The acquisition strengthens SPG’s specialty property insurance platform and expands its capabilities in the short-term rental market.
Specialty Program Group is headquartered in Chicago and operates a portfolio of specialty insurance businesses spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. The company focuses on scaling specialty businesses by providing access to business resources, technology and process efficiencies, capital, carrier relationships, and distribution networks.
Proper Insurance operates nationwide and provides coverage backed by Lloyd’s of London that addresses the unique risks associated with vacation rental ownership.
KEY QUOTES
“We are very excited by Proper. It has the key ingredients we look for in 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 a great management team that will lead it into the future.”
Chris Treanor, President & CEO, Specialty Program Group
“Proper has been built on disciplined underwriting and a deep understanding of the risks unique to short-term rental properties. 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 for this market.”
Michael Grimland, President, Proper Insurance
