World Insurance acquires Massachusetts agency

Iselin-based insurance brokerage World Insurance Associates (WIA) recently closed on its purchase of an insurance agency located in Worcester, Mass.

In a press release Friday, WIA announced the Aug. 1 acquisition of O’Brien and Gibbons Insurance Agency, a 61-year-old firm that specialized in personal and commercial lines.

After noting O’Brien and Gibbons’ “long history serving Massachusetts and surrounding states,” Rich Eknoian, chief executive officer and co-founder of WIA, said, “I know they will be a terrific addition to our business.”

Headquartered in Iselin, WIA is a nationally ranked, full-service insurance organization providing products and services for personal and commercial insurance, employee and executive benefits, retirement, financial services and human capital management solutions.

Since its founding in 2011, WIA has completed 160 acquisitions and has more than 250 offices across the U.S.

“O’Brien and Gibbons has strong market relationships, a diverse client base, and many long-term client relationships,” says Walter Shea, president of O’Brien and Gibbons Insurance Agency. “We are looking forward to being a part of World and providing our clients with additional products and services.”

Terms of the transaction were not disclosed.

Giordano, Halleran & Cisela served as legal counsel to WIA and Tag Consulting Services acted as advisors on the deal. Satin and Lee Law provided legal counsel to O’Brien and Gibbons and Sica Fletcher advised the agency.

More WIA acquisitions

• Long Island’s ‘best’ agency
• Three firms in one day
• Howard Russell Insurance of East Greenwich, R.I.
• Coverage Specialists Inc. of Pompton Plains
• Allan M. Walker Insurance Agency of Taunton, Mass.
• Gerard P. Smith Insurance Agency of Webster, N.Y.