Worldwide Facilities plans to acquire all of the outstanding capital stock of Sullivan. No other financial details were disclosed. The parties hope to close the deal within 30 days.
The deal includes most affiliates of the privately-owned The Sullivan Group:
•Sullivan Brokers, a wholesale only specialty insurance brokerage firm serving retail producers with management liability, professional and E&O liability, healthcare liability and various other casualty lines.
•G.J. Sullivan Co. Excess & Surplus Lines Brokers, a wholesaler with programs that include directors & officers, tow trucks, trucking, and restaurants.
•Gerald J. Sullivan & Associates of Oregon, a wholesale producer that concentrates on business from the Pacific Northwest, including Alaska, with particular expertise in the property field.
•Kevin Davis Insurance Services (KDIS), a leading wholesale broker to the community association industry.
However, another affiliate, the G.J. Sullivan Co. Reinsurance, a reinsurance intermediary, is not part of the sale.
The Sullivan name will continue to be used by G.J. Sullivan, Excess & Surplus Lines Brokers, and Kevin Davis will also continue to operate in its own name.
The deal marks the second major acquisition by Worldwide Facilities in the past week. Last week it announced it had acquired Tennant Risk Services Insurance Agency, a Connecticut based wholesale insurance broker and underwriting manager.
Gerald J. (Jerry) Sullivan, chairman of Gerald J. Sullivan & Associates, the focus company for all members of The Sullivan Group, will become a non-executive director and assume a consulting role with Worldwide Facilities after the closing. In addition to serving in a strategic consulting role with Worldwide Facilities, Sullivan will continue to run the reinsurance affiliate.
Sullivan’s insurance career spans 35 years in various aspects of the business including regulatory, investment, company, claims, program manager, reinsurance and wholesale intermediary. He worked with and expanded a family reinsurance business and a property/casualty business known for its medical professional liability program before establishing The Sullivan Group in 1981. Along with various partners, over the years he launched a number of new companies and developed new insurance products such as structured settlements.