Ryan Specialty Group Announces Agreement to Acquire LoVullo Associates
CHICAGO, IL – Ryan Specialty Group, LLC, has announced it has reached a definitive agreement to acquire substantially all the assets of LoVullo Associates, Inc. (LoVullo), a wholesale insurance brokerage and binding authority operation based in Depew, NY. LoVullo will become part of R-T Specialty, LLC (RT Specialty), the wholesale brokerage unit of Ryan Specialty Group (RSG), and will establish the RT Specialty Buffalo, NY office at the current LoVullo location.
Founded by Leonard S. LoVullo in 1949, LoVullo today serves more than 1,200 independent brokers in the Northeast, employs more than 100 people in the Buffalo area, and operates as an excess and surplus lines broker and managing general agent. The leadership team, led by Senior Vice President Paul LoVullo & CEO Leonard T. LoVullo, guided their office to the largest volume in company history in 2016.
LoVullo distributes commercial, professional and personal lines products. With the acquisition, Dave Pietrowski, currently President of LoVullo Associates, will become President of RT Specialty’s Buffalo office.
Patrick G. Ryan, Founder, Chairman and CEO of Ryan Specialty Group, commented, “LoVullo is a company that we have known for a long time and for which we have great respect. LoVullo is a superb cultural fit with RSG. 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.”
RT Specialty Chairman and CEO, Timothy W. Turner, remarked, “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. Dave Pietrowski further strengthens our leadership team on the East Coast and is a wonderful addition to RT Specialty.”
Commenting on RSG’s acquisition of LoVullo, President Dave Pietrowski said, “It is a natural fit to join RT Specialty complementing and escalating the binding and broking business in the Northeast. RT shares our business approach on providing superior customer service while maintaining strong relationships with the companies we represent. LoVullo is enthusiastic for the opportunity to continue expanding and growing with RT Specialty.”
In connection with the acquisition of LoVullo, RSG and LoVullo contemplate that RSG will acquire LoVullo’s affiliated premium finance business, Superior Payment Plan, LLC (Superior), which also operates out of the Depew location. RSG and LoVullo anticipate that the acquisition of Superior will occur later in 2017, subject to fulfillment of standard licensing requirements and other customary conditions. It is intended that Superior will roll into RSG’s overall operations and establish a platform to offer payment solutions to RSG’s clients.
Superior was formed in 2002 and has provided finance solutions for clients seeking extended terms for the payment of their insurance premiums. Superior is known for its exceptional customer service and deep industry knowledge.
Terms of the transaction were not disclosed.