World Insurance Associates LLC has acquired a Hartford, Conn. insurance group, the latest in a string of small office acquisitions by the Tinton Falls outfit.
Terms of the acquisition of The Watts Group LLC, founded in 2003 by Mike Watts to serve the New England region, were not disclosed.
“The Watts Group is an excellent complement to our current surety bonds business,” states Rich Eknoian, CEO and co-founder of WIA in a prepared statement. “Mike and the rest of the leadership team are well known in the industry as subject matter experts in the surety space. We are excited to welcome them to our team.”
“Since 2003, we have built a strong book of business focused on mid-sized and large-scale accounts,” said Watts in a prepared statement. “We are looking forward to joining forces with WIA’s surety group to grow and develop the division.”
Giordano, Halleran & Ciesla provided legal counsel to WIA. Andros, Floyd & Miller provided legal counsel to The Watts Group. No other advisors, diligence firms or legal counsel were disclosed.