Worldwide Facilities, a wholesale insurance brokerage and general agency said it is set to acquire Trinity Underwriting Managers, Inc. (TUMI), for an undisclosed amount.
TUMI is an underwriting manager and wholesale insurance broker specializing in commercial transportation.
Under the new set up, Stephen Standing, a TUMI principal, will take the role of Worldwide Facilities executive vice president. In this capacity, he will continue to manage his team from TUMI.
Worldwide Facilities noted in a statement that the deal marks a “significant expansion” of the company’s presence in the transportation and management space, where TUMI has exhibited extensive expertise.
“Trinity’s specialized business model and industry verticals match well with our growing specialty product practice groups,” noted Davis Moore, chief executive officer of Worldwide Facilities.
“On behalf of my team, we are excited to become part of the expanding brand Worldwide Facilities has created. With technical and market expertise in our specialty areas, we know we will be a great asset to the organization and are excited to capitalize on the opportunities,” added Standing.
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