PHLY to acquire World Wide Specialty Programs’ Staffing Insurance Business
Philadelphia Insurance Companies (PHLY) announced the acquisition of the Staffing Insurance Business offered by World Wide Specialty Programs , 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.
Both PHLY and World Wide Specialty have been doing business for over 50 years. 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. 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.” – John Glomb, president and CEO of Philadelphia Insurance Companies.
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. We look forward to introducing our clients to the PHLY team and sharing our 50+ years of experience with Philadelphia brokers and their clients.” – Dorothy Taylor, CEO of World Wide Specialty.
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.
