Specialty Program Group LLC (SPG) acquires Proper Insurance (Proper), expanding its specialist property insurance platform and presence in the short-term rental market. As part of the transaction, Michael Grimland is appointed president of Proper. Grimland, who joined the firm in 2017 and previously served as director of operations, will lead the business and oversee day-to-day operations, underwriting strategy, and the continued development of the platform. He brings experience in commercial underwriting, reinsurance, and the Lloyd’s of London marketplace. Founded in 2014 and headquartered in Bozeman, Montana, Proper provides insurance coverage specifically designed for short-term rental properties, including homes owned by individual hosts and professionally managed portfolios. The firm offers a commercial insurance solution that replaces traditional homeowners or landlord policies, addressing unique risks associated with platforms such as Airbnb and Vrbo. The insurance programme is available across all 50 US states and is supported by leading insurance markets, including Lloyd’s of London and Concert Specialty. Chris Treanor, president and CEO of SPG, says: “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.” Grimland adds: “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 speciality platform while continuing to focus on delivering insurance solutions designed for this market.” Chicago-headquartered SPG is a specialist platform with a portfolio of insurance operations spanning underwriting management, digital solutions, and wholesale and specialist retail brokerage.
