Worldwide Facilities has signed a letter of intent to acquire McClelland and Hine’s (MHI) managing general agency and brokerage businesses for an undisclosed amount.
As part of the acquisition, McClelland and Hine along with McClelland & Hine Trucking Underwriters will be acquired by Worldwide Facilities.
Subject to some conditions, the transaction is expected to be closed within the next thirty days, Worldwide stated.
As per the company, MHI’s business provides the company with a broader geographical footprint along with a diversified product offering.
Worldwide Facilities CEO Davis Moore said: “We are extremely pleased that Gil Hine, Amicia Hine and their team are joining our company. Gil, Amicia and the MHI leadership have done an excellent job of building a great company.”
As per the Los Angeles, California-based national wholesale insurance broker and managing general agent, MHI’s proprietary technology and underwriting products are highly complementary and can contribute significantly to Worldwide’s growing platform.
MHI chairman Gil Hine said: “When you first meet the leaders of an organization and your first reaction is ‘they are like us’ and everything from then on reinforces that feeling, you know you are making the right decision.
“For me, I feel like I did thirty-six years ago when McClelland and Hine started. Our team is just as pumped as I am to partner with Worldwide Facilities and help contribute to their continuing success.”
MHI CEO Amicia Hine stated that MHI’s vision for continued success, while contributing to the profitable growth of the combine companies is evident and compelling.
She continued saying: “The compatibility of MHI and Worldwide Facilities’ leadership culture, dedication to career building and professional growth of our members, along with our commitment to our partners, our customers and our industry, made this an obvious and exciting next step for our organization.”
This acquisition from Worldwide follows its previous acquisition of RIC Insurance General Agency, a wholesale insurance broker and managing general agent specializing in small to medium-sized commercial business and personal lines business.
After the acquisition, RIC will continue to maintain its client and market relationships and commitments as Worldwide Facilities’ division.