World Insurance Associates continues to grow, making two more acquisitions, it announced Monday.
The first deal saw the Tinton Falls-based business acquire True & Associates of Westfield, while the second saw it acquire Two Rivers Insurance Co. Inc. of Burlington, Iowa. Both deals took effect Dec. 31. Financial terms of the deals were not disclosed.
The deal for True & Associates represents WIA’s largest property & casualty acquisition to date, it said.
“We are excited to welcome True & Associates to the World family,” co-founder and CEO Rich Eknoian said in a prepared statement. “True & Associates has won the trust and support of top trade associations based on their unique and differentiated service platform and unmatched knowledge.”
Added CEO Thomas True: “For over 36 years, businesses, professionals, families and individuals have relied on True & Associates for their insurance and surety needs. … We look forward to continuing our success working alongside WIA.”
The deal for Two Rivers sees WIA acquire both Two Rivers Insurance Services and Employee Benefits Systems. TRIC will continue in its current Iowa headquarters and offices, with Todd Ackerman continuing as CEO and president.
Giordano, Halleran & Cielsa provided legal counsel to WIA on both deals, while Mystic Capital Advisors Group and Manhattan Group advised it on the True deal and TAG Consulting Services advised it on the TRIC deal. Connell Foley LLP provided legal counsel to True, while Dickinson, Mackaman, Tyler & Hagan provided legal counsel to TRIC and MarshBerry advised it.
