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Novatae Risk Group acquires trucking MGA Specialized Program Solutions

Novatae Risk Group acquires trucking MGA Specialized Program Solutions

Money Moves

Dallas specialty distributor adds four-year-old long-haul trucking underwriter in deal effective Aug. 1

October 1st, 2026: Novatae announces SPS acquisition

Overview

Updated Oct 20

Novatae Risk Group bought the assets of Specialized Program Solutions, a New Jersey managing general agency that underwrites long-haul trucking coverage. The deal closed Aug. 1 and was announced Oct. 1; terms were not disclosed.

SPS writes commercial auto liability for owner-operators, small fleets and larger carriers hauling non-hazardous freight in the continental U.S. Its underwriting leans on mandatory electronic logging device data and telematics scoring that runs through the policy term. Novatae has not named the insurer behind the program or said whether SPS keeps its brand, Chester office or leadership.

Why it matters

Carriers are pulling back from long-haul trucking as verdicts climb, leaving brokers with fewer independent underwriters to place risks.

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Key Indicators

6,000+
Clients served by Novatae
Novatae says it serves more than 6,000 clients across the U.S.
43
U.S. offices
Novatae operates 43 offices across the United States.
$51M
Median nuclear verdict, trucking
Median award in trucking cases in 2024, up from $44 million in 2023, per Marathon Strategies.

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People Involved

Christopher Daggett
Christopher Daggett
Chief executive officer, Specialized Program Solutions
Running SPS inside Novatae; Novatae has not said whether SPS's leadership team or Chester office stays
JT
Josh Taylor
Managing director, Novatae Risk Group
Leading the integration of SPS into Novatae

Organizations Involved

Novatae Risk Group
Novatae Risk Group
Specialty insurance distributor (MGA, program manager, wholesaler)
Integrating SPS; has not named the carrier that provides capacity for its trucking program

Full-service specialty insurance brokerage and program manager licensed in all 50 states.
Specialized Program Solutions
Specialized Program Solutions
Managing general agency
Operating inside Novatae's transportation program; brand, office and leadership not yet confirmed

Managing general agency writing commercial auto liability for long-haul trucking, including owner-operators and small fleets hauling non-hazardous freight in the continental U.S.

Timeline

2022 October 2026

8 events Latest: October 1st, 2026 · 1 month ago
Tap a bar to jump to that date

  1. Novatae announces SPS acquisition

    Latest Announcement

    Deal disclosed publicly; terms not released.

  2. SPS asset acquisition takes effect

    Acquisition

    Novatae completes purchase of Specialized Program Solutions assets.

  3. Second trucking MGA deal closes same day

    Market

    Federated Mutual Insurance Company completed its purchase of High Definition Vehicle Insurance on the same day Novatae closed on SPS.

  4. Novatae acquires Ajax Specialty Insurance

    Acquisition

    Atlanta-based specialty insurer added to the distribution network.

  5. Novatae acquires Denali Specialty Group

    Acquisition

    Alaska-focused specialty group joins Novatae's portfolio.

  6. Novatae acquires Bretton Woods International

    Acquisition

    Third acquisition since founding adds international specialty capacity.

  7. Novatae formed from seven wholesale businesses

    Formation

    World Insurance Associates unites seven wholesale distributors under the Novatae brand.

  8. SPS founded in Chester, N.J.

    Formation

    Christopher Daggett launches the trucking-focused managing general agency.

Scenarios

1

Novatae expands trucking program after SPS integration

Likely Resolves by Jul 1, 2027

Discussed by: PR Newswire release; Novatae management comments

SPS keeps underwriting its trucking book, and Novatae routes it through its network of more than 500 global insurers to broaden distribution. Taylor's remarks suggest the two sides see the trucking platform as a growth base, not a cost-cutting exercise.

2

Novatae continues acquisition streak with another MGA deal

Likely Resolves by Oct 1, 2027

Discussed by: CB Insights deal history; company pattern

The SPS deal is the fifth reported acquisition since 2024 and the effective date suggests the pipeline is running. If the pattern holds, Novatae will add another managing general agency within the year, extending the consolidation push.

3

Trucking market conditions pressure the combined portfolio

Possible Resolves by Oct 1, 2027

Discussed by: Industry rate surveys; cyclical trucking insurance dynamics

Commercial trucking insurance is cyclical. If loss costs rise or rates soften after the deal, the combined trucking book could see margin pressure, forcing Novatae to defend the SPS program's pricing discipline or trim capacity.

4

Novatae names the carrier behind SPS's trucking program

Likely Resolves by Jan 31, 2027

Discussed by: Insurance Business (Oct. 2026)

The Oct. 1 announcement did not identify the insurer whose paper backs SPS policies. Agents placing trucking risks need that answer at renewal, along with any change in the security behind the program.

5

SPS keeps its own brand and Chester office

Uncertain Resolves by Q1 2027

Discussed by: Insurance Business (Oct. 2026)

Novatae did not say whether SPS will keep its brand, its New Jersey office or its current leadership, leaving agents unsure how the program will look on renewal paperwork.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

November 2022

Novatae founding consolidation (2022)

World Insurance Associates folded seven of its wholesale insurance businesses into a single brand, Novatae, named from the Latin for 'new world.' The move created a top-tier specialty distributor with access to hundreds of insurers.

Then

The unified firm gained scale for national distribution and program management.

Now

It became a consolidation vehicle, acquiring seven firms in four years and positioning itself among the largest managing general agencies in the U.S.

Why this matters now

The SPS deal is the latest step in the same acquisition playbook that began with this founding consolidation.

March 2025

Ajax Specialty Insurance acquisition (2025)

Novatae acquired the assets of Ajax Specialty Insurance, an Atlanta-based specialty insurer, roughly a year before the SPS deal. Terms were not disclosed.

Then

Ajax added regional specialty underwriting capacity to Novatae's network.

Now

The deal demonstrated the pattern of absorbing managing general agencies and specialty insurers into one distribution platform.

Why this matters now

The SPS acquisition follows the same structure — asset purchase, undisclosed terms, integration into Novatae's program offerings.

Sources

(12)
+6
PR Newswire Third News Novatae Risk Group CB Insights Insurtech List LinkedIn PitchBook Insurance Business Krugman Insights Novatae Risk Group Novatae Risk Group Novatae Risk Group