Worldwide Facilities has announced that it has acquired the assets of wholesale insurance broker and managing general agent RIC Insurance General Agency.
As part of the deal, RIC will continue to maintain its client and market relationships, as well as commitments, as a division of Worldwide Facilities.
PhiloSmith, a private investment banking firm, advised RIC in the transaction.
“We are pleased that the RIC team will be part of Worldwide Facilities. The combination of our complementary products, capabilities and market specialties will increase the relevance of the combined companies to the retail agent community,” said Worldwide Facilities CEO Davis Moore in a release.
“The RIC team is excited to become part of the expanding Worldwide Facilities brand,” added RIC CEO Gary Kitchen. “We’re looking forward to helping the combined company continue to execute a growth strategy for the benefit of customers, markets and employees. We look forward to being a great asset to the organization and are excited to capitalize on the opportunities.”
RIC specializes in small-to-medium commercial business, as well as personal lines business. The broker has office locations across the western US, and offers admitted and non-admitted P&C products. The firm’s products include commercial/excess and surplus, specialty, workers’ compensation/access state fund, and transportation/auto.
This is the latest in Worldwide Facilities’ string of purchases for the year. In late April, the national MGA closed its acquisition of insurance program manager The Sullivan Group. In the same month, the broker snapped up professional liability-focused underwriting manager Tennant Risk Services.