Ryan Specialty acquires wholesale broker LoVullo Associates
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Ryan Specialty Group L.L.C. said Thursday it has reached a definitive agreement to acquire substantially all the assets of wholesale broker LoVullo Associates Inc.
Terms of the deal were not disclosed.
Depew, New York-based LoVullo, which serves more than 1,200 independent brokers in the Northeast and employs more than 100 people in the Buffalo, New York, area, operates as an excess and surplus lines broker and managing general agent, Chicago-based Ryan Specialty said in a statement.
LoVullo distributes commercial, professional and personal lines products. It will become part of RT Specialty L.L.C., Ryan Specialty Group’s wholesale brokerage unit, the statement said. Dave Pietrowski, now president of LoVullo Associates, will become president of RT Specialty’s Buffalo office.
Ryan Specialty Group said it is anticipated that in connection with the acquisition, it will acquire LoVullo’s affiliated premium finance business, Superior Payment Plan L.L.C., although that acquisition will occur later this year, subject to fulfillment of standard licensing requirements and other conditions. It is intended Superior will roll into Ryan Specialty Group’s overall operations, according to the statement.
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