Ryan Specialty Group has announced the completion of its acquisition of New York based wholesale brokerage LoVullo Associates.
According to a company statement, the firm reached a deal to acquire substantially all of the assets of the latter in a definitive agreement, which was unveiled on March 30. Terms of the deal were not disclosed.
Through the deal, RSG will establish RT Specialty Buffalo. Dave Pietrowski, LoVullo president, will be appointed as president of RT Specialty in the area.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“This acquisition will strengthen our distribution in the Northeast and will provide additional product lines for RT Specialty. We are very pleased to have LoVullo join our team,” Patrick G. Ryan, founder, chairman and chief executive of RSG, said in a previous statement.
RT Specialty chairman and chief executive Timothy W. Turner added: “Bringing LoVullo into RT increases our visibility and bolsters our presence in the Northeast. LoVullo will bring significant added scale in our binding authority and broking business.”
LoVullo’s footprint in the Northeast covers around 1,200 independent brokers, served by 100 employees. The firm provides excess and surplus lines through brokerage and managing general agent services through which it distributes commercial, professional and personal lines products.
Related stories:
Ryan Specialty Group to acquire NY wholesale brokerage
US company makes cross-border foray with purchase of Canadian insurance companies
.jpg)
