Worldwide Facilities Completes Acquisition of Sullivan Group
Worldwide Facilities has completed its acquisition of Gerald J. Sullivan & Associates, a national specialty intermediary that trades as The Sullivan Group.
Worldwide Facilities acquired all of the outstanding capital stock of Sullivan. No other details of the transaction, which was first reported by Insurance Journal earlier this month, were released.
Formed in 1981, Sullivan is a Los Angeles-based insurance program manager, contract binding authority manager and wholesale broker offering its products and services nationally through retail insurance agents and brokers. The deal includes most affiliates of the privately-owned The Sullivan Group:
- Sullivan Brokers, a wholesale only specialty insurance brokerage firm serving retail producers with management liability, professional and E&O liability, healthcare liability and various other casualty lines.
- G.J. Sullivan Co. Excess & Surplus Lines Brokers, a wholesaler with programs that include directors & officers, tow trucks, trucking, and restaurants.
- Gerald J. Sullivan & Associates of Oregon, a wholesale producer that concentrates on business from the Pacific Northwest, including Alaska, with particular expertise in the property field.
- Kevin Davis Insurance Services (KDIS), a leading wholesale broker to the community association industry.
However, another affiliate, the G.J. Sullivan Co. Reinsurance, a reinsurance intermediary, is not part of the sale.
The Sullivan name will continue to be used by G.J. Sullivan, Excess & Surplus Lines Brokers, and Kevin Davis will also continue to operate in its own name.
Jerry Sullivan, chairman of Sullivan, is being retained as a consultant/non-executive director to Worldwide Facilities.
Hank Haldeman, president of Sullivan, joins Worldwide Facilities as senior executive vice president. He will continue to lead the Sullivan programs divisions as well as assume corporate responsibilities at Worldwide Facilities.
Kevin Davis, president of the Sullivan affiliate Kevin Davis Insurance Services (KDIS), joins as executive vice president and will continue to lead the KDIS division.
Sullivan told Insurance Journal the two organizations’ products are complementary and their cultures are “very compatible,” making it “personally satisfying to see the successful perpetuation of the business through a company as respected as Worldwide.”
“The opportunity to marry respective products and distribution platforms leverages our position in the marketplace within an independent, wholesale-dedicated environment, led by individuals that share our vision, ethics and culture,” commented Haldeman.
Worldwide Facilities, also based in Los Angeles, is a wholesale insurance broker and managing general agent that has been in business since 1970. Fast-growing Worldwide Facilities said it sees the deal strengthening its offerings to retail brokers and its industry relationships.
Last month, Worldwide Facilities acquired Tennant Risk Services Insurance Agency, a Connecticut based wholesale insurance broker. In the past six months it has opened new offices and added new employees in several cities including Boston and Palm Springs and in North Carolina (Morehead City). It has also announced several new programs.
In 2015, Worldwide Facilities received an investment from Lovell Minnick Partners, while remaining majority-owned by its employees.
The firm’s gross written premium reached $645 million in 2016, up from $533 million in 2015.
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