National wholesale insurance broker and managing general agent (MGA) Worldwide Facilities is on the acquisition trail. Today the firm announced its fifth deal of the year, purchasing the assets of Draco Insurance Solutions (Draco), a Boston-based program manager, specializing in the public transportation sector.
The deal is set to expand the firm’s presence in the MGA and transportation market, and it comes just weeks after Worldwide Facilities announced its intention to acquire Texas-based McClelland and Hine/McClelland & Hine Trucking Underwriters.
“We’re extremely pleased to have Scott Stevens and his team join the Worldwide Facilities enterprise,” said Davis Moore, CEO of Worldwide Facilities. “The Draco team, led by Scott, has demonstrated underwriting expertise in the primary transportation space with particular emphasis on the public auto sector. The expansion of our transportation and program underwriting capabilities are part of our strategic growth strategy and will contribute to our relevance with our customers.”
Scott Stevens, executive vice president of Draco, commented: “We’re pleased to be part of the Worldwide Facilities team and look forward to accelerating the continued growth of our business with the resources, market relationships and customer relationships of the Worldwide Facilities platform.”
Worldwide Facilities’ deal-making is in line with a wider trend in America’s wholesale, retail and excess and surplus (E&S) lines insurance markets at the moment. Consolidation was a key topic of conversation at the recent Wholesale & Specialty Insurance Association (WSIA) Annual Marketplace in Atlanta.