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Novatae buys trucking MGA assets of SPS in October deal close
The SPS assets were acquired effective August 1, 2026, after Novatae announced the deal on October 1 and did not disclose financial terms.
Novatae Risk Group announced it has purchased the trucking managing general agency (MGA) Specialized Program Solutions (SPS), completing the deal on October 1.
The acquisition covers the assets of SPS, based in Chester, New Jersey, with Novatae saying it was effective August 1, 2026. Neither Novatae nor SPS disclosed financial terms.
The transaction marks the second trucking MGA deal to close on the same day this summer amid a pullback in some carriers willingness to write long-haul trucking risks.
Insurance Business notes that Federated Mutual Insurance Company completed its acquisition of High Definition Vehicle Insurance (HDVI) on the same day. HDVI is a full-stack MGA founded in 2018 that underwrites trucking fleets using telematics data, with more than 100 agencies and 500 producers writing business through it. SPS, founded in 2022, handles underwriting, marketing, and program administration for long-haul trucking risks across the US.