Iselin-based World Insurance Associates acquired the business of InterWeb Insurance of Lake Havasu City, Arizona, on April 1.
Terms of the private transaction were not disclosed.
InterWeb was founded in 2008 and primarily provides commercial insurance, focusing on errors & omissions coverage for customers in the financial services sector.
“On behalf of the World family, I would like to extend a warm welcome to InterWeb,” Rich Eknoian, co-founder and CEO of World, said. “They have decades of experience in the insurance industry and are known for providing innovative, specific solutions to their customers. They will be a terrific addition to World.”
“InterWeb Insurance provides our customers access to insurance protection and risk management with integrity and excellence,” Jack Pontolillo, CEO, InterWeb Insurance, said. “Our customer-centered approach offers the highest level of personal service from every member of the InterWeb Insurance team. We are glad to be joining World, an organization that shares our approach.”
“At InterWeb Insurance, our goal is to make the insurance buying experience as easy as possible for our customers,” Sheri Pontolillo, president, InterWeb Insurance, added. “We searched for an organization that shares our ethics and focus on service, as well as enabling us to provide more products and services to meet our customers’ needs. As part of World, we will continue to exceed our clients’ expectations and help them grow with confidence.”
Giordano, Halleran & Ciesla provided legal counsel and TAG Consulting Services advised World on the transaction. Satin and Lee provided legal counsel and Sica Fletcher advised InterWeb on the transaction.
