Ryan Specialty Group (RSG) has announced it has reached a definitive agreement to acquire the assets of New York-based wholesale insurance brokerage LoVullo Associates. Terms of the deal have not been disclosed.
LoVullo is a binding authority with headquarters in Depew and through the agreement it will become part of RT Specialty, the wholesale unit of RSG, and will establish the RT Specialty Buffalo office in its current location. Dave Pietrowski, LoVullo president, will be appointed as president of RT Specialty in Buffalo.
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“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 statement.
LoVullo serves more than 1,200 independent brokers in the Northeast with around 100 employees. It operates as an excess and surplus lines broker and managing general agent. Its distribution network provides commercial, professional and personal lines products.
RT Specialty chairman and chief executive Timothy W. Turner also stated: “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.”
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