Worldwide Facilities LLC, which is backed by Lovell Minnick Partners, has acquired the assets of RIC Insurance General Agency Inc. Financial terms weren’t announced. RIC Insurance, of Santa Rosa, California, is a wholesale insurance broker and managing general agent that specializes in small to medium-sized commercial business as well as personal lines business. PhiloSmith advised RIC.
LOS ANGELES, May 31, 2018 /PRNewswire/ — Worldwide Facilities, LLC, a national wholesale insurance brokerage, program manager and managing general agency, announces that it is acquiring the assets of RIC Insurance General Agency, Inc. (“RIC”), a wholesale insurance broker and managing general agent specializing in small to medium-sized commercial business as well as personal lines business. RIC will continue to maintain its client and market relationships and commitments as a division of Worldwide Facilities.
“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,” says Davis Moore, CEO of Worldwide Facilities.
Gary Kitchen, CEO of RIC, adds, “The RIC team is excited to become part of the expanding Worldwide Facilities brand. 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.”
PhiloSmith, a private investment banking firm specializing in insurance and financial services, advised RIC in the transaction.
About Worldwide Facilities, LLC Worldwide Facilities is a national wholesale insurance broker and managing general agent that has been in business since 1970. Its brokers and underwriters are industry leaders providing expertise in a wide range of specialty lines, as well as extensive contacts with carriers domestically and overseas. For more information, please visit wwfi.com.
About RIC Insurance General Agency, Inc. RIC Insurance General Agency, Inc. is a wholesale insurance brokerage and managing general agency with office locations across the western United States. It offers Admitted and Non-Admitted Property and Casualty products, including: Commercial / Excess and Surplus, Specialty, Personal Lines, Workers’ Compensation / Access State Fund, and Transportation / Auto. For more information, please visit ric-ins.com.