A new insurance distribution partnership XPT Group reports it has acquired WSS, a Plano, Texas, wholesale broker and managing general agency (MGA) including Western Security Surplus Insurance Brokers Inc. and its managing general underwriting program division West-Pro.
The transaction closed on October 31. Terms were not disclosed.
WSS serves retail agencies through placement of general liability, package liability, DIC, property and other policies through binding authority contracts with U.S. and Lloyd’s markets and through open market wholesale brokerage.
WSS is licensed in 20 states with producers located in Texas, California and Florida.
West-Pro is a provider of coverage for bar and taverns through wholesale insurance brokers in over a dozen states.
XPT was formed by industry veterans Tom Ruggieri, the former CEO of Swett & Crawford along with Jeff Heath, who founded Heath XS before selling it to Hallmark and Mark Smith, formerly an executive with RT Specialty, AmWINS and Stewart Smith.
XPT is backed by investors led by B.P. Marsh & Partners, the London-based specialist private equity investor in early stage insurance and financial services companies.
WSS was formed in 1981 by Richard Polizzi, who will step down as the chairman of WSS but remain with WSS to launch a new program that is already under development. Kyle Stevens, nephew to Richard Polizzi took over as president of WSS in 2008 and obtained majority interest of WSS in 2014, and will remain as president of WSS and West-Pro after the acquisition by XPT.
WSS will continue to operate under its established brand name. XPT was represented in the acquisition by TAG Financial and WSS was represented by Succeed Advisors.