Worldwide Facilities Acquiring RIC Insurance General Agency, Inc.
LOS ANGELES, CA — Worldwide Facilities, LLC, a national wholesale insurance brokerage, program manager and managing general agency, announces that it is acquiring the assets of RIC Insurance General Agency, Inc. (“RIC”), a wholesale insurance broker and managing general agent specializing in small to medium-sized commercial business as well as personal lines business. RIC will continue to maintain its client and market relationships and commitments as a division of Worldwide Facilities.
“We are pleased that the RIC team will be part of Worldwide Facilities. The combination of our complementary products, capabilities and market specialties will increase the relevance of the combined companies to the retail agent community,” says Davis Moore, CEO of Worldwide Facilities.
Gary Kitchen, CEO of RIC, adds, “The RIC team is excited to become part of the expanding Worldwide Facilities brand. We’re looking forward to helping the combined company continue to execute a growth strategy for the benefit of customers, markets and employees. We look forward to being a great asset to the organization and are excited to capitalize on the opportunities.”
PhiloSmith, a private investment banking firm specializing in insurance and financial services, advised RIC in the transaction.