Los Angeles-based wholesale insurance broker Worldwide Facilities has signed an agreement to acquire Sullivan Brokers, a wholesale only specialty insurance brokerage firm, for an undisclosed sum.
Sullivan Brokers serves retail producers with management liability, professional and E&O liability, healthcare liability and various other casualty lines.
Under the deal, Worldwide Facilities will acquire all of the outstanding capital stock of Sullivan except GJS Re, which offers reinsurance and related consulting services.
The deal, which is subject to certain conditions, is expected to be completed within the next 30 days.
Worldwide Facilities CEO Davis Moore said: “We are pleased that Jerry Sullivan, a widely-respected industry veteran and insurance innovator, will be connected to our company in a consulting role focused on leadership and product development. His experience, wisdom and significant industry relationships will be a great asset for Worldwide Facilities.
“We are also extremely pleased and excited to partner with Hank Haldeman and the entire Sullivan team. Their exclusive national underwriting programs, including KDIS, MGA offerings and brokerage operations further strengthen and geographically diversify our value proposition to our retailer customers.”
Sullivan chairman Jerry Sullivan said: “The Sullivan team is excited about the combination. Our products are complementary, our cultures are very compatible and it is personally satisfying to see the successful perpetuation of the business through a company as respected as Worldwide Facilities.”