National wholesale insurance broker Worldwide Facilities said it has closed on the previously announced investment by Genstar Capital, a San Francisco based private equity firm.
As part of the transaction, Lovell Minnick Partners is divesting its investment in Worldwide Facilities following four years of growth. The financial terms of the private investment were not disclosed.
Los Angeles-based Worldwide Facilities is a wholesale insurance broker, managing general agent and program underwriter. In 2018, the firm reported that it had grown from $550 million in gross written premium three years earlier to about $1.5 billion in premium in 2018.
Davis Moore, CEO of Worldwide Facilities, said his firm looks forward to continuing to execute on its growth strategy with its new partner.
With Lovell Minnick the firm “completed eight acquisitions, added high quality producers and management talent and achieved above average organic growth while building a specialized and diversified platform,” the company said.
Genstar Capital is a private equity firm with a reported $17 billion of assets under management. Last month, Genstar sold its stake in insurance software firm Insurity to GI Partners.
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