Worldwide Facilities Acquires Tennant Risk Services; Expands Presence in the Professional Liability and Specialty Insurance Market
Worldwide Facilities, a national wholesale insurance brokerage and managing general agency, announces the acquisition of Tennant Risk Services Insurance Agency, LLC, a wholesale insurance broker and underwriting manager specializing in the placement of professional liability and specialty insurance coverages.
Tennant offers its products and services across the U.S. through retail agents and brokers. Robert Sargent, CEO of Tennant, joins Worldwide Facilities as Executive Vice President where he will continue to manage and lead his experienced team as well as assume a company leadership role as part of Worldwide Facilities’ senior management team.
This transaction represents an expansion of Worldwide Facilities’ footprint in the professional liability space, where Tennant has extensive expertise and products in the E&O, D&O, EPLI and Cyber lines of business. It broadens the markets and products available to the retail brokers and agents served by Worldwide Facilities as well as the underwriting opportunities for Worldwide Facilities’ markets.
“Tennant’s demonstrated expertise and specialized product offerings will contribute to Worldwide Facilities’ continued growth and further our presence in the Northeast. Robert Sargent has built a great business as well as a great reputation in the professional liability and specialty insurance marketplace, and we are very pleased to have him and his team join our organization,” says Davis Moore, Chief Executive Officer of Worldwide Facilities.
“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 Sargent.
Lovell Minnick Partners’ investment in Worldwide Facilities continues to support the company’s growth initiatives. Lovell Minnick Partners is a private equity firm specializing in investing in financial and related business services.