Iselin-based World Insurance Associates LLC said it acquired Coverage Specialists Inc. of Pompton Plains on July 1.
Terms of the transaction were not disclosed.
Coverage Specialists, a family-owned agency founded in 2010, provides property & casualty products and services with a focus on the trucking and transportation industry.
“Coverage Specialists is a client-driven broker servicing the commercial and personal insurance needs of our clients, with the tools and markets to understand those evolving needs,” Walter Zemlanicky, co-owner, CSI, stated.
“We also have the knowledge of how the insurance landscape has changed over the years to provide the right policy at a competitive price,” Jeffrey Scafuro, co-owner, CSI added. “We look forward to being a part of World and expanding our resources.”
“We are pleased to welcome Coverage Specialists to the World family,” said Rich Eknoian, co-founder and CEO of WIA. “They are a team of professionals who have been writing insurance policies for over 35 years, and, with their trucking and transportation focus, they will fit very nicely with World, as we have our roots in the same industries.”
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Keidel, Weldon & Cunningham LLP provided legal counsel to CSI. No other advisers, diligence firms or legal counsel were disclosed.
Since its founding in 2011, World has completed 153 acquisitions and serves its customers from more than 250 offices across the United States.
