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Worldwide Facilities to acquire wholesale insurance broker

Los Angeles-based Worldwide Facilities LLC is acquiring the assets of Santa Rosa, Calif.-based RIC Insurance General Inc., a wholesale insurance broker and managing general agent.

RIC Insurance offers admitted and nonadmitted property and casualty products and specializes in small to medium-sized commercial business as well as personal lines business. The insurance broker will continue to maintain its client and market relationships and commitments as a division of Worldwide Facilities.

Private investment banking company PhiloSmith advised RIC Insurance on the transaction.