XPT Group Partners with Trucking Specialist W.E. LoveJanuary 29, 2018
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’s and Derek Brooks’ 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 Group 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