Traverse City-based Global Marine Insurance Agency has been sold to New Jersey-based Specialty Program Group, an insurance and underwriting holding company. Terms of the acquisition were not disclosed.

Founded in Traverse City in 1989, Global Marine grew rapidly as a national brokerage for the boating world, including boats, yachts, mega yachts, personal watercrafts, marinas, boat dealers and commercial marine vessels. The company employs approximately 30 professionals at its headquarters in the Centerpointe building and around the country. 

“This partnership is very exciting, it will allow us to take our business to the next level,” said Global CEO Matt Anderson. “SPG has the resources, capital and expertise we need so we can continue to provide our customers with best in class solutions.”

According to Specialty Program Group, the company's partners boast 400 locations and more than 8,900 employees.