Expertise. Experience. Expectations.

Top 3 Reasons WSS Opened New Southern California Office

Wholesaler WSS, part of XPT a specialty insurance distribution company, announces the opening of a new office location in Sherman Oaks, CA.  The new office is led by Mark Kaufman, Chief Operating Officer, who joined WSS in May of 2018 and is at the helm of WSS’s rapid growth in southern California. 

Why did they open a new office?  Here are the top 3 reasons:

• 1. Industry-Leading Organic Growth

Throughout the last year, WSS has rapidly expanded its southern California presence with eight new client executives who have made WSS their home.  The new client executives joined WSS’s pre-existing, highly-skilled Sherman Oaks team that originated in 1981.

• 2. Teamwork

Mark Kaufman, Chief Operating Officer, said “Our new office really allows all our team members to network and brainstorm daily to solve the challenges of our retail brokers and agencies.  We are able to work more effectively as a team to deliver the industry-leading service to our retailers through our expert industry product knowledge…and have a good time while doing it.”

• 3. Location, Location, Location

Kyle Stevens, President & CEO, said, “We’re thrilled to be opening a new office in the heart of the San Fernando Valley in southern California.  Our new location is a fantastic place for our team to call home that allows us faster access to our retail brokers and agencies throughout the greater Los Angeles area.”  

Visit their website or contact them today to learn more about WSS, their services, product offerings, and rapid growth.

 

XPT Group Makes Third Investment with SVA, Strengthening Trucking Portfolio

Established Trucking Physical Damage & Cargo MGA; Third Investment by Specialty Lines Distribution Firm XPT

January 17, 2019 (New York) - XPT Group LLC announced today the acquisition of SVA Underwriting Services, Inc. (SVA Underwriting), a leading trucking and transportation MGA and Lloyd’s Coverholder. SVA Underwriting specializes in Physical Damage and Cargo cover with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control.   Founded in 2013 by industry veteran Steven Vallejo, SVA Underwriting is a New York City based company.

“Getting to know XPT’s partners and seeing how they have added operational expertise, additional markets, new products and new brokers & underwriters to organically grow WSS and WE Love made this partnership very appealing to me and SVA Underwriting.  Aligning SVA Underwriting’s near and long-term goals with XPT will allow us to provide more products to our very loyal retail clients and significantly expand our carrier relationships. We are looking forward to being part of XPT and experiencing this growth and product expansion for ourselves,” said Steven Vallejo, President of SVA Underwriting.

XPT continues to develop their expert wholesale insurance broking and Managing General Agency platform through acquisitions and rapid operational growth.  This is XPT’s third investment preceded by Western Security Surplus (WSS) and WE Love & Associates (WEL).  SVA Underwriting and WEL will leverage their unique trucking and transportation strengths to build new products while opening new markets to better serve their extensive retail network.

Jeff Heath, XPT Founding Partner, commented, “This acquisition and Steven’s prior Commercial Auto liability role as a successful Underwriter for a major MGU not only increases our specialization in Physical Damage and Cargo coverages but also greatly enhances our ability to fully support our broad network of retail agencies specializing in transportation with new liability products in new geographies including the Northeast and Midwest.  We are thrilled to have such a successful industry leader in Steven Vallejo joining the XPT family.”  Heath is also a trailblazer in the trucking insurance sector who founded Heath XS which was later acquired by Hallmark Financial Services, Inc.

Tom Ruggieri, XPT Founding Partner & CEO, stated, “SVA Underwriting’s expertise in this specialty niche market makes it a perfect accompaniment to Trucking Liability specialists WE Love. Further, Steven’s long-term profitable relationship with the London market strengthens our product portfolio.”

The transaction closed on January 17, 2019 and SVA will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial.

About XPT Group

XPT is a new specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs early stage insurance distribution firms.  XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

About SVA

SVA Underwriting was formed in August 2013 in New York City by Founder and President Steven Vallejo.  SVA Underwriting is a MGA/Wholesale Agency currently representing and conducting business with retailers throughout the country for Auto Liability, Auto Physical Damage and Motor Truck Cargo placements. SVA Underwriting is an “Underwriting House” that is a turnkey operation with the ability to underwrite, issue policies and endorsements and arrange for quality engineering and loss control.  www.svaunderwriting.com   

Contact: Mark Smith +1.917.843.1243 msmith@xptspecialty.com

XPT Group Partners with Trucking Specialist W.E. Love

Established Tech- Enabled Transportation MGA; Second Investment by Specialty Distribution Firm XPT

January 29, 2018 (New York) - XPT Group announced today its partnership with industry leader W.E. Love & Associates (WEL), a 36-year old MGA with expertise in trucking risks. Led by John H. Love and based in Burlington, North Carolina, WEL offers select retail agencies direct access to highly-skilled underwriters who set the standard for trucking insurance knowledge and experience. At WEL, intense personal service combined with detailed account analysis provides better, faster and more consistent answers for customers. WEL's self-improving, dynamic workflow software allows for continuous improvement in the submission process including the delivery of mobile friendly customized presentations. WEL is currently operating in 30 states.

WEL was established in 1982 by W.E. "Dub" Love, Jr. who began his trucking insurance career in 1950. John Love has worked with WEL, which continues to be a family run business, for 36 years. He has served as WEL's President since 1992 and will continue to do so in WEL’s partnership with XPT.

"We are thrilled to join the XPT family. XPT places great value on our WEL staff, relationships and infrastructure. Working with XPT’s highly-experienced management executive resources will allow us to better innovate, more quickly expand our offerings, and grow dynamically," said John H. Love, President of WEL.

"W.E. Love’s attention to service with underwriting discipline, collaborative work environment, innovative use of technology, and continuous updating of their products made them an ideal match to add to our partnership," said Tom Ruggieri, CEO of XPT Group. He continued, "John Love and Derek Brooks’s commitment to excellence strengthens our group."

WEL is XPT’s second acquisition over the last three months, the first being WSS, a leading wholesale broker and MGA including Western Security Surplus Insurance Brokers, Inc. and its MGU program division West-Pro. "The capital and expertise provided by XPT has allowed us to expand our programs and has helped us strengthen our firm and West-Pro’s exclusive all-in-one program for Bars, Taverns & Nightclubs," said Kyle Stevens, President of WSS.

XPT was formed by industry veterans Tom Ruggieri, the former CEO of Swett & Crawford along with Jeff Heath founder of Heath XS now owned by Hallmark Insurance, and Mark Smith who was an executive with RT Specialty, AmWINS and Stewart Smith. XPT stands apart by delivering expertise through a tech-enabled collaborative partnership culture providing best in market expertise and customer service that will meet even the highest of expectations and lead to rapid new product development. XPT is backed by investors led by B.P. Marsh & Partners, the specialist London-based minority investor in insurance distribution and program underwriting companies.

The transaction closed on January 25, 2018 and WEL will continue to operate under its established brand name, so client business will not be affected. XPT was represented in the acquisition by TAG Financial and WEL was represented by Wyatt Early Harris Wheeler LLP.

About XPT Group
XPT is a new specialty insurance distribution company formed through a partnership of experienced management executives and an institutional investor who backs insurance distribution firms with minority investments. XPT brings together underwriting and wholesale brokerage firms across specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a tech-enabled collaborative partnership culture. www.xptspecialty.com

About W.E. Love
Located in Burlington, North Carolina, W.E. Love and Associates, Inc. (WEL) is the oldest Certified Managing General Agency (CMGA) in the United States. Founded in 1982 by W.E. “Dub” Love, Jr., the company has always specialized in trucking risks. For over 36 years, WEL has been keenly focused on service, education and technology. WEL will continue to innovate, remaining true to the traditional sense of fair play with a strong work ethic. www.welove.com

Contact: Mark Smith +1.917.843.1243 msmith@xptspecialty.com

XPT Group Acquires WSS and West-Pro

XPT Group Acquires WSS and West-Pro Newly-Funded Specialty Lines Insurance Distribution Firm Buys Established Wholesale Broker and MGA with Leading Bar & Taverns Program

November 6, 2017 (New York) - XPT Group announced today the acquisition of WSS, a leading wholesale broker and MGA including Western Security Surplus Insurance Brokers, Inc. and its MGU program division West-Pro. Based in Plano, Texas, WSS serves retail agencies through placement of General Liability, Package Liability, DIC, Property and other policies through binding authority contracts with U.S. and Lloyd’s markets and through open market wholesale brokerage. WSS is licensed in 20 states with producers located in Texas, California and Florida. West-Pro is a leading provider of bar & taverns coverage via wholesale insurance brokers in over a dozen states.

XPT was formed by industry veterans Tom Ruggieri, the former CEO of Swett & Crawford along with Jeff Heath who founded Heath XS before selling it to Hallmark and Mark Smith who was an executive with RT Specialty, AmWINS and Stewart Smith. XPT is backed by investors led by B.P. Marsh & Partners, the London-based specialist private equity investor in early stage insurance and financial services companies.

“WSS serves a blue-chip client list with unique product offerings through a team of highly-experienced underwriters supported by dedicated staff and new technology. We have long admired what Richard Polizzi has built and are lucky to be able to add Kyle Stevens to our partnership,” said Tom Ruggieri, CEO of XPT Group.

WSS was formed in 1981 by Richard Polizzi who will step down as the Chairman of WSS but remain with WSS to launch a new program that is already under development. A family-run business, Kyle Stevens, nephew to Richard Polizzi took over as President of WSS in 2008 and obtained majority interest of WSS in 2014, and will remain as President of WSS and West-Pro after the acquisition by XPT.

“Hats off to Richard for building a company with a team of experienced and talented staff and I am glad Richard will remain part of WSS to pursue new programs with us. It’s important to our clients that XPT is committed to the wholesale business model and is not acquiring retail brokers and agents. The capital provided by XPT and the expertise of its founding partners gives WSS exactly what we need to offer more products to our customers,” said Kyle Stevens, President of WSS, an XPT company.

The transaction closed on October 31, 2017 and WSS will continue to operate under its established brand name so client business will not be affected. XPT was represented in the acquisition by TAG Financial and WSS was represented by Succeed Advisors.

About XPT Group

XPT is a new specialty insurance distribution company formed through a partnership of highly-experienced management executives and an institutional investor who backs start-up insurance distribution firms. XPT brings together underwriting and wholesale brokerage firms across many specialty lines through acquisitions and new product development. XPT stands apart by delivering expertise through a collaborative partnership culture. www.xptspecialty.com

About WSS

Since 1981, WSS has been providing retail brokers an extensive line of Commercial and Personal Lines products, with access to both admitted and non-admitted markets. WSS continues to expand their reach and now writes in most of the Sun Belt states. West-Pro, a division of WSS, writes bars & taverns with exclusive markets and coverage forms for wholes brokers in over a dozen states.

AnchorWSS is a proud member of the following trade associations: CIWA, WSIA, and TSLA. WSS is headquartered in Plano, TX with employees located in CA, FL and OR.

B.P. Marsh Investment in North America

As announced by the Company on 13th June 2017, B.P. Marsh & Partners Plc (AIM:BPM) has invested $6,000,000 into a New York based specialty lines insurance distribution company. Following recent press speculation, the Company is pleased to announce further details concerning this new venture.

B.P. Marsh has subscribed for a 35% shareholding in the New York based XPT Group LLC ("XPT"), through its wholly owned subsidiary company, B.P. Marsh (North America) Ltd. XPT is a newly established operation which is in active discussions with a number of parties over potential minority or majority investments into established entities in the US wholesale insurance arena. XPT plans to make one or two US-based acquisitions over the remaining months of this year.

The management team at XPT is a line-up of industry veterans, including Tom Ruggieri, formerly of Marsh, Advisen and Swett & Crawford and Mark Smith, former president and CEO of Stewart Smith, the US wholesaler which was sold by Willis to AmWins in 2005. Smith is also a former president and management director of R-T Specialty's New York operation. In addition, the team also includes Jeff Heath, the founder of Heath Group.

This investment represents a return to the US market for the Company, following on from the Company's recent investment in Canada, Stewart Specialty Risk Underwriting Ltd.

B.P. Marsh strongly believes that XPT is well positioned to take advantage of the significant consolidation opportunities in the small-to-medium-sized wholesale space in the US.

Commenting on the investment, Chairman of the Company Brian Marsh said "We are pleased to be back in the US with an investment in XPT. Our business is in backing people and the founders of XPT have impeccable credentials, deep industry knowledge and great ambition. We are excited by the opportunities presented in partnering with them and in the US market in general and look forward to growing XPT alongside them."

Dan Topping, B.P. Marsh's Chief Investment Officer, who has been appointed to represent the Company at XPT, stated "I am delighted to be working alongside the Management Team in delivering on their strategy and developing their presence in the US specialty insurance market."