Wholesale insurance brokerage Worldwide Facilities has agreed to buy another wholesale broker, Sloan Mason Insurance Services, with the aim of expanding its business in the energy businesses space.
Terms of the deal were not disclosed. Paul Mason, president of San Diego-based Sloan Mason, and his team will join Los Angeles-based Worldwide Facilities. Philadelphia-based Private equity firm Lovell Minnick Partners invested in Worldwide Facilities in 2015.
According to Worldwide Facilities, the deal will significantly expand its presence in the energy and environmental businesses sector, thanks to Sloan Mason’s coverage of energy businesses and its contacts and specialized knowledge in the space. The deal will also broaden the markets and products available to the retail brokers and agents served by Worldwide Facilities. “Sloan Mason’s specialized business model and industry verticals match well with our growing specialty product practice groups,” says Davis Moore, Worldwide’s CEO.
Mason, who founded Sloan Mason in 2001, will become executive vice president with Worldwide Facilities in its new San Diego office. In 2015, Worldwide Facilities received an investment from Lovell Minnick Partners, a private equity firm specializing in investing in financial and related business services.
“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,” says Mason.
The Worldwide Facilities-Sloan Mason deal is just the latest in a string of insurance-related deals over the last few months. In April, AmTrust Financial Services (Nasdaq: AFSI), an insurance holding company, announced plans to acquire insurance underwriter ANV Holdings B.V. from the Ontario Teachers’ Pension Plan for $218.7 million. Also in April, the Apax Partners PE firm reported it would buy 60 percent of Duck Creek Technologies, an insurance software provider, from Accenture (NYSE: ACN), leaving the seller with a 40 percent stake. And in March, the Carlyle Group (Nasdaq: CG) picked up a majority stake in the JenCap Holdings insurance brokerage and Wholesale Trading Co-Op Insurance Services.