Worldwide Facilities, which is backed by Lovell Minnick Partners, has acquired Trinity Underwriting Managers Inc, an underwriting manager and insurance broker specializing in commercial transportation. No financial terms were disclosed.
LOS ANGELES, CA (PRWEB) DECEMBER 05, 2016
Worldwide Facilities today announced the acquisition of Trinity Underwriting Managers, Inc. (TUMI), an underwriting manager and wholesale insurance broker specializing in commercial transportation. TUMI offers its products and services across the U.S. through retail agents and brokers. Stephen Standing, a principal of TUMI, joins Worldwide Facilities as Executive Vice President where he will continue to manage and lead his experienced team.
This transaction represents a significant expansion of Worldwide Facilities’ footprint in the transportation and underwriting management space, where Trinity has extensive demonstrated expertise. It broadens the markets and products available to the retail brokers and agents served by Worldwide Facilities as well as the underwriting opportunities for Worldwide Facilities’ markets.
“Trinity’s specialized business model and industry verticals match well with our growing specialty product practice groups. Stephen Standing has helped to build a great business, and we are very pleased to have him and his team join our organization” said Davis Moore, Chief Executive Officer of Worldwide Facilities.
“On behalf of my team, we are excited to become part of the expanding brand Worldwide Facilities has created. With technical and market expertise in our specialty areas, we know we will be a great asset to the organization and are excited to capitalize on the opportunities,” said Standing.
In 2015, Worldwide Facilities received an investment from Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services.
About Worldwide Facilities, LLC
Worldwide Facilities is a national wholesale insurance broker and managing general agent that has been in business since 1970. Its seasoned brokers and underwriters are industry leaders in providing expertise and products in a wide range of specialty lines, and offer extensive contacts with carriers domestically and overseas.