Iselin-based World Insurance Associates LLC on Tuesday announced it acquired the business of Affiliated Insurance Managers of Warwick, Rhode Island.
Terms of the transaction were not disclosed.
AIM was founded in 1937, and, today, the agency is a generalist primarily focused on commercial lines, but it does provide insurance to individuals and families.
“It’s a pleasure to welcome AIM to the World family,” Rich Eknoian, co-founder and CEO of World, said. “AIM has developed strong relationships with their clients in the Southern New England region. They provide an exceptional level of service, and this approach will align nicely with World.”
“For more than 80 years, Affiliated Insurance Managers has helped companies throughout Southern New England with competitive business insurance solutions and has guided individuals and families in choosing their personal insurance coverage,” Sean Daly, CEO and president, Affiliated Insurance Managers, said. “As part of World, we will have additional products and services to offer our customers, while still providing the excellent service they expect.”
Giordano, Halleran & Ciesla provided legal counsel and Fortrust Diligence advised World on the transaction. Winget, Spadafora & Schwartzberg LLP provided legal counsel to AIM on the transaction.
