Ryan Specialty snaps up US MGA LoVullo for wholesale brokerage unit
US-based Ryan Specialty Group (RSG) has announced that it has reached a definitive agreement to acquire all the assets of managing general agency (MGA) LoVullo Associates, a wholesale insurance brokerage and binding authority operation based in New York.
Following the acquisition, LoVullo will become part of RT Specialty, the wholesale brokerage unit of RSG, and will establish the RT Specialty Buffalo, New York office at the current LoVullo location. Dave Pietrowski, currently the president of LoVullo, will become president of RT Specialty's Buffalo office.
LoVullo, founded by Leonard LoVullo in 1949, serves independent brokers in the Northeast US, and operates as an excess and surplus lines broker and managing general agent. It offers commercial, professional and personal lines products.
RSG stated that it will also acquire LoVullo's affiliated premium finance business Superior Payment Plan later in 2017. It is intended that Superior will roll into RSG's overall operations and establish a platform to offer payment solutions to RSG's clients, the company said.
"Bringing LoVullo into RT increases our visibility and bolsters our presence in the Northeast," said Timothy Turner, chairman and CEO of RT Specialty. "LoVullo will bring significant added scale in our binding authority and broking business. Dave Pietrowski further strengthens our leadership team on the East Coast and is a wonderful addition to RT Specialty."
Patrick Ryan, founder, chairman and CEO of RSG, commented: "LoVullo is a company that we have known for a long time and for which we have great respect. LoVullo is a superb cultural fit with RSG. This acquisition will strengthen our distribution in the Northeast and will provide additional product lines for RT Specialty. We are very pleased to have LoVullo join our team."
LoVullo's president Pietrowski said: "It is a natural fit to join RT Specialty complementing and escalating the binding and broking business in the Northeast. RT shares our business approach on providing superior customer service while maintaining strong relationships with the companies we represent. LoVullo is enthusiastic for the opportunity to continue expanding and growing with RT Specialty."
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