The acquisition of Royal Oak Underwriters is said to help Worldwide Facilities grow its footprint across the US apart from increasing its diverse offerings

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Royal Oak Underwriters acquired by Worldwide Facilities. (Credit: Tumisu from Pixabay)

Worldwide Facilities has acquired Royal Oak Underwriters, a Virginia-based excess and surplus lines insurance wholesaler, for an undisclosed price.

The acquisition is said to help Worldwide Facilities grow its footprint across the US apart from increasing its diverse offerings.

The acquired company is said to offer a range of specialty products designed to address the needs of retail agents in Virginia, Maryland, Washington DC, North Carolina, Pennsylvania, and Tennessee.

Services offered by Royal Oak Underwriters

Founded in 1989, Royal Oak Underwriters has expertise in the areas of property, general liability, professional liability, ocean and inland marine, commercial auto, and personal lines.

Royal Oak Underwriters CEO Patti Nunnally said: “This transaction is a natural evolution for Royal Oak that will benefit our employees, markets and customers. We are enthused with the opportunity to accelerate the growth of our business as part of Worldwide Facilities.”

The Virginia-based firm engaged Tom Rogan of TBR Consultants as its advisor for the transaction. For Worldwide Facilities, the financial advisor was Marsh, Berry & Company.

Worldwide Facilities CEO Davis Moore said: “We are extremely pleased to have Patti and her team join Worldwide Facilities. Patti has built a great business and we are energized by the opportunity to interchange product and distribution in a geography that is complimentary to Worldwide Facilities’ existing footprint.”

Based in California, Worldwide Facilities operates as a wholesale insurance broker, managing general agent, and programme underwriter.

Operating since 1970, the company, through its brokers and underwriters, offers expertise in a range of specialty lines. In September 2019, the company closed a previously announced investment from private equity firm Genstar Capital.

Last July, Worldwide Facilities acquired Benchmark Management Group, an Illinois-based managing general agent and wholesale insurance broker which caters to the retail agent community with a range of specialty products.