US wholesale insurance broker Worldwide Facilities has expanded its program offering with the acquisition of Clearwater Underwriters, a Florida-based surplus lines MGA.
Clearwater Underwriters was established in 1991, and offers products including flood, professional liability, personal and commercial lines.
“They have been building a successful underwriting business for nearly 30 years and we are excited to continue this growth while increasing Worldwide Facilities’ broad offering of specialty programs,” said Davis Moore, CEO of Genstar-backed Worldwide Facilities.
Marsh Berry & Company served as a financial advisor to Worldwide Facilities for the deal, while PhiloSmith & Company advised the Clearwater, Florida-based surplus lines MGA.
This is the latest in a series of acquisitions announced by Worldwide Facilities.
In June it entered the life and health market with the acquisition of full service medical stop-loss focused managing general underwriter Strategic Underwriting Solutions. The same month it agreed a deal to buy Richmond, Virginia-based Royal Oak Underwriters.
Following those two deals, Worldwide Facilities announced the hire of former Aon Securities director Brad Perilman from Atlas General Holdings to oversee its merger and acquisition activities.
Last August Worldwide Facilities secured a new private equity partner, with Genstar Capital buying out former backer Lovell Minnick in a transaction that has helped fuel its growth bid and M&A runway.
The company has grown quickly through a series of acquisitions in recent years. Its gross written premium placed has increased to more than $1.5bn now from $550mn in 2015.