Specialty Program Group LLC has acquired Proper Insurance headquartered in Bozeman, Montana.
As part of the transaction, Michael Grimland has been named president of Proper. Grimland will lead the business and oversee day-to-day operations, underwriting strategy and continued development of the platform. Grimland has been with Proper Insurance since 2017 and previously served as director of operations.
Proper provides insurance coverage for short-term rental properties, including homes owned by individual hosts and professionally managed portfolios, as well as those listed on platforms such as Airbnb and Vrbo. Its program is supported by insurance markets, including Lloyd’s of London and Concert Specialty, and is available nationwide. Proper is licensed in all 50 states.
SPG is a specialty platform headquartered in Chicago, Illinois with a portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage and insurance services.
The federal appellate court reversed a lower court’s ruling that Allstate’s RICO (Racketeer Influenced and Corrupt Organizations Act) claims failed because the insurer didn’t sufficiently allege that it relied on fraudulent bills when settling the claims. Rather, the Fifth Circuit said Allstate adequately showed it was the victim of a RICO scheme involving more than 600 claimants.
Beginning in 2018, Dr. Akash Bhagat and defendants entered into agreements with personal injury attorneys to refer clients to Memorial Heights Emergency Center under letters of protection guaranteeing payment from future insurance settlements, court proceedings say. Defendants charged car accident patients at emergency billing codes, rates nearly triple those normally charged.