Terms of the transaction were not disclosed.
Founded in 1950 by William C. Bearce, the three-generation business has been providing insurance products and risk management services to individuals and businesses for over 70 years.
“Our commitment to developing and implementing efficient systems and procedures has allowed us to provide a superior level of customer service,” William C. Bearce III, president of Bearce Insurance, said. “We provide the best insurance solution to our clients. As part of World, we will continue to do so, while increasing the products and services we offer.”
“I’d like to welcome Bearce Insurance to the World family,” Rich Eknoian, co-founder and CEO of WIA, said. “Bearce Insurance is an experienced and knowledgeable team, and I know they will continue to provide their clients with the high level of service for which they are known.”
Giordano, Halleran & Ciesla provided legal counsel to World, and Fortrust Diligence advised it on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
Since its founding in 2011, World has completed over 180 acquisitions and serves its customers from more than 250 offices across the U.S.