Iselin-based World Insurance Associates acquired Boston-based Commercial Insurance Agency on May 1, the agency announced on Thursday.
Terms of the transaction were not disclosed.
Established by George Ruggiero Jr. in 1975, Commercial Insurance Agency has had a reputation for building strong relationships with its clients, offering outstanding customer service and cutting-edge products unique to each industry. Included in its portfolio of clients is a focus on the food and hospitality business, with emphasis on food processing, distributing, manufacturing and restaurants.
“No matter what the conditions, our focus is the customer and what they need. We work tirelessly to protect our insureds from an insurance and financial prospective. We treat their business and money like it is our own,” Betsy Pridham, president of CIA, said.
“I’m happy to welcome CIA to the World family,” says Rich Eknoian, co-founder and CEO of WIA. “We look forward to increasing our client base in the Boston area, as well as expanding the offering of our products and services to the food service industry.”
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Fortrust Diligence advised it on the transaction. Morrison Mahoney LLP provided legal counsel to CIA, and PKF O’Connor Davies advised it on the transaction.
Since its founding in 2012, World has completed 150 acquisitions and serves its customers from more than 160 offices in the U.S.