World Insurance Associates LLC said it bought Strovis Holdings LLC of Georgetown, S.C., continuing an aggressive rollup of insurance agencies.
The deal, reached on Nov. 1, includes the target’s subsidiaries Strovis Insurance, Strovis Payroll & HR and Strovis Benefits. Financial terms were not disclosed.
“Partnering with Strovis allows World to not only strengthen our core P&C and Employee Benefits offerings in the South Carolina region, but also expand our offerings by adding a payroll and HR technology and services component,” said Rich Eknoian, WIA‘s chief executive officer and co-founder, in a Dec. 17 statement. “Providing this new technology product and service offering to our customers will result in a more well-rounded Employee Benefits offering.”
Strovis President Jenna Jordan Squires said the deal will allow her company to become a “one-stop-shop” for clients. “The opportunity to cross-sell our payroll and HR products across World’s customer base and the ability to provide higher value services to our current customer base is very exciting for Strovis and we look forward to working alongside the World team,” Squires said.
Backed by Charlesbank Capital Partners, Tinton Falls-based WIA has completed 85 acquisitions since its founding in 2012. On Nov. 12, WIA said it added five insurance agencies, including two in New Jersey: Cinnaminson-based Fairways Insurance Inc. and Trenton’s Collier & O’Neill & Associates Inc. More recently, the company announced three deals on Dec. 4 for agencies in Connecticut, Illinois and Virginia. And on Dec. 7, WIA said it had acquired The Watts Group LLC of West Hartford, Conn.
The company now operates from 78 offices in 17 states and Washington, D.C.
Red Bank’s Giordano, Halleran & Ciesla provided legal advice to WIA on the Strovis deal. Roseland’s Connell Foley counseled Strovis.d