Ryan Specialty Group LLC (RSG) has reached a definitive agreement to acquire substantially all of the assets of LoVullo Associates Inc. (LoVullo), a wholesale insurance brokerage and binding authority operation based in Depew, N.Y.
LoVullo will become part of RT Specialty LLC (RT Specialty), the wholesale brokerage unit of RSG, and will establish the RT Specialty Buffalo, N.Y., office at the current LoVullo location. With the acquisition, Dave Pietrowski, current president of LoVullo Associates, will become president of RT Specialty’s Buffalo office.
“Bringing LoVullo into RT increases our visibility and bolsters our presence in the Northeast,” said RT Specialty Chairman and CEO Timothy W. Turner in a press release. “LoVullo will bring significant added scale in our binding authority and broking business.”
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. LoVullo distributes commercial, professional and personal lines products. The leadership team is led by Senior Vice President Paul LoVullo and CEO Leonard T. LoVullo.
“This acquisition will strengthen our distribution in the Northeast and will provide additional product lines for RT Specialty,” said Patrick G. Ryan, founder, chairman and CEO of Ryan Specialty Group, in a press release.
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.
Terms of the transaction were not disclosed.
Source: Ryan Specialty Group
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