U.S. Markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.24 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.10 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.04
    -1.53 (-2.86%)
     
  • Gold

    1,827.70
    -23.70 (-1.28%)
     
  • Silver

    24.83
    -0.97 (-3.77%)
     
  • EUR/USD

    1.2085
    -0.0079 (-0.6526%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • Vix

    24.34
    +1.09 (+4.69%)
     
  • GBP/USD

    1.3589
    -0.0051 (-0.3710%)
     
  • USD/JPY

    103.7250
    -0.1170 (-0.1127%)
     
  • BTC-USD

    35,695.30
    +694.64 (+1.98%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • Nikkei 225

    28,519.18
    -179.12 (-0.62%)
     

Philadelphia Insurance Companies Agrees to Acquire World Wide Specialty Programs' Staffing Insurance Business

·3 min read

The largest deal in PHLY's 58-year history enhances the Company's specialized insurance solutions across the U.S.

BALA CYNWYD, Pa., Jan. 4, 2021 /PRNewswire/ -- Philadelphia Insurance Companies (PHLY) announces the acquisition of the Staffing Insurance Business offered by World Wide Specialty Programs, Inc., based in Melville, NY (World Wide). The insurance products comprising the business PHLY will acquire are designed and produced by World Wide to address the staffing industry's unique needs and will continue to do so in the future as part of PHLY's insurance offerings.

(PRNewsfoto/Philadelphia Insurance Companies)
(PRNewsfoto/Philadelphia Insurance Companies)

Both PHLY and World Wide Specialty have been doing business for over 50 years. The deal combines the premiere staffing insurance provider with the leading specialty commercial insurance carrier in the country. By adding World Wide's insurance products, PHLY will enhance its staffing insurance offerings and round-out its portfolio of more than 120 niche insurance products.

"The opportunity to join forces with the leading MGA (managing general agent) dedicated to the staffing space is unique," shared John Glomb, president and CEO of Philadelphia Insurance Companies. "The expertise and insurance solutions delivered by the World Wide team complement our existing specialty business and strengthens our service to customers. Access to their team during the pandemic this past year gives us great confidence that culturally this is a fantastic fit."

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.

"This is an exciting time for World Wide. The acquisition combines two formidable forces, both of us dedicated to the staffing industry, resulting in unmatched service, product offering and reach," said Dorothy Taylor, CEO of World Wide Specialty. "We look forward to introducing our clients to the PHLY team and sharing our 50+ years of experience with Philadelphia brokers and their clients."

World Wide will operate as a division of Philadelphia Insurance Companies and assume responsibility for PHLY's book of staffing business, with support from PHLY's staff. The deal closed on December 31, 2020 and terms will not be disclosed.

About Philadelphia Insurance Companies

Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. The Company is rated "A++" (Superior) by AM Best Company and "A+" for counterparty credit and financial strength by Standard & Poor's. In business for nearly 60 years, PHLY is nationally recognized as a member of Ward's Top 50, one of the Best Places to Work in Insurance, and one of the Healthiest 100 Workplaces in America. The organization has more than 50 offices strategically located across the United States to provide superior service. For more information, please visit www.PHLY.com.

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/philadelphia-insurance-companies-agrees-to-acquire-world-wide-specialty-programs-staffing-insurance-business-301200522.html

SOURCE Philadelphia Insurance Companies