Wholesaler Worldwide Facilities completes Sullivan buy
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Wholesale broker Worldwide Facilities L.L.C. said Friday it has completed its acquisition of national specialty intermediary Gerald J. Sullivan Associates Inc.
Both companies are Los Angeles-based. Financial details of the transaction are not being released, according to a Worldwide spokeswoman.
Sullivan ranked as the eighth-largest MGA/underwriting manager in Business Insurance’s latest ranking, with $9.8 million in 2016 gross revenue and 124 employees, while Worldwide is the sixth-largest wholesaler with $56.8 million in 2016 gross revenue.
Worldwide said Sullivan is an insurance program manager, contract binding authority manager and wholesale broker that offers its products and series nationally through retail insurance agents and brokers.
Sullivan Chairman Jerry Sullivan is being retained as a consultant/nonexecutive director to Worldwide Facilities, the statement said, while Sullivan President Hank Haldeman joins Worldwide Facilities as senior executive vice president. Mr. Haldeman will continue to head the Sullivan program division as well as assume corporate responsibilities at Worldwide Facilities, the announcement said.
The statement said also that Kevin Davis, president of Sullivan Group member Kevin Davis Insurance Services, is joining Worldwide as executive vice president and will come to lead the KDIS division.
