This is the fifth acquisition for Worldwide Facilities in 2018
Draco Insurance Solutions, Inc. has been acquired this month by national wholesale insurance broker Worldwide Facilities, LLC. Based in South Boston, Draco is a MGA and multi-line wholesale brokerage focused on the public transportation industry, and in particular the taxicab, para-transit and livery insurance business.
In commenting on Worldwide’s official acquisition of the assets of Draco, Davis Moore, CEO of Worldwide Facilities, said in a company announcement, “We are extremely pleased to have Scott Stevens and his team join the Worldwide Facilities enterprise. The Draco team, led by Scott, has demonstrated underwriting expertise in the primary transportation space with particular emphasis on the public auto sector. The expansion of our transportation and program underwriting capabilities are part of our strategic growth strategy and will contribute to our relevance with our customers.”
“We are pleased to be part of the Worldwide Facilities team and look forward to accelerating the continued growth of our business with the resources, market relationships and customer relationships of the Worldwide Facilities platform,” said Scott Stevens, Executive Vice President of Draco in response.
Worldwide Facilities’ Banner Year And Expansion Into the New England
Founded in 1970, Worldwide Facilities has had a national presence for over three decades. The year 2018, however, has seen the company’s growing presence in New England, and in particular in Massachusetts.
This coincides with the company’s overall growth. According to its 2018 Annual report, Worldwide exceeded its 2017 projections with approximately $835 million in gross written premium, generating double-digit annual growth for the past five years.
In terms of its growing presence in Massachusetts, in addition to its acquisition of Draco Insurance, the MGA also announced the opening of its first Boston office in February of this year, along with the creation of a new Worker’s Compensation Division based out of that office in June.
With this new branch office in Boston, the company now boasts branch offices throughout the country including in Los Angeles, San Francisco, San Diego, Irvine, South Bay – LA, Phoenix, Orlando, Tampa, Atlanta, Savannah, Chicago, Austin, New York, Dallas, Houston, Hartford, Nashville, Salt Lake City, Boston, Palm Springs, Morehead City, Anaheim, Santa Rosa, Chatsworth, Portland, Reno, Provo and Seattle.
