Tinton Falls insurance agency acquires MedNET Financial

World Insurance Associates LLC, a Tinton Falls-based insurance agency, announced Thursday it had acquired Watchung-based MedNET Financial Inc. on March 1.

MedNET provides insurance protection for the New Jersey and New York health care communities.

“Adding medical malpractice insurance to our growing list of specializations is an important step in our evolution as a full-service insurance brokerage operation,” Rich Eknoian, CEO and co-founder of World Insurance Associates, said.

Under terms of the deal, owners David M. Monahan Jr. and Michael A. De Parto have joined World Insurance Associates as principals.

“We are thrilled to have joined forces with the World Insurance family. Our complementary offerings will give our clients greater access to products for the changing healthcare marketplace,” De Parto said. “We will continue the longstanding personal service of MedNET Financial that our clients have come to expect.”

Financial terms were not disclosed.

“It was extremely important to us to find the right fit where our clients would be able to continue their personal relationships with the staff, Mike, and myself. We searched for the right partner for quite some time and know that Rich Eknoian and the World team are a tremendous fit,” Monahan said.