Philadelphia Insurance Companies has acquired the Staffing Insurance Business offered by New York-based MGA World Wide Specialty Programs.
The deal closed on December 31, 2020. Neither side disclosed financial terms.
Plans call for having World Wide operate as a division of Philadelphia Insurance Companies and assume responsibility for PHLY’s book of staffing business, with support from PHLY’s staff.
Philadelphia Insurance Companies said the acquisition of World Wide gives it access to wider coverage that addresses “the staffing industry’s unique needs.” The insurer said the acquisition will round-out its portfolio of more than 120 niche insurance products.
PHLY said that it has been doing business for 50 years with World Wide Specialty, a managing general agent it refers to as “the premiere staffing insurance provider.”
World Wide offers industry-specific coverage including employment practices liability, auto liability (hired and non-owned), and workers compensation to staffing firm clients and brokers. World Wide is the only insurance company and industry source that is an American Staffing Association (ASA) commercial insurance liability partner, according to the deal announcement.
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products for select industries.
Source: Philadelphia Insurance Companies