Worldwide Facilities, LLC has entered into a Letter of Intent to acquire Gerald J. Sullivan & Associates, Inc., which trades as The Sullivan Group.
The national wholesale insurance brokerage aims to acquire all of the outstanding capital stock of Sullivan apart from GJS Re, which provides reinsurance and related consulting services. The transaction is expected to complete, subject to certain conditions, within the next 30 days.
“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,” said Davis Moore, CEO of Worldwide Facilities. “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.”
The Sullivan Group is a consortium of independent insurance-related companies, with specialized operations in excess & surplus lines, commercial lines, and professional liability, among others. It’s one of the largest privately-owned insurance brokerage organizations in the US.
Hank Haldeman, president of Sullivan, commented: “As a part of Worldwide Facilities, the Sullivan team is looking forward to helping the combined company continue to execute a growth strategy for the benefit of customers, markets and employees. 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.”
Jerry Sullivan, Chairman of Sullivan, added the Sullivan team is “excited about the combination”. He said: “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.”