World Insurance Associates has made another acquisition in the Northeast, adding CDR Insurance Group Inc. of Waterbury, Conn., the Iselin-based Top 50 Insurance Brokerage announced Nov. 8.
“At CDR Insurance Group Inc., we want to help protect the most precious things in our customers’ lives. We have always put our customers first, and it’s what sets us apart from the competition,” owner Rick Rice said in a statement. “We are pleased to be joining World and look forward to expanding the products and services we provide our customers.”
CDR Insurance, founded in 1992, offers both personal and commercial lines of coverage and services to customers in New England, as well as in New Jersey and New York.
In a statement, fellow owner Vin Stifano echoed Rice’s sentiments about joining the New Jersey-based buyer, saying the move would allow the firm to continue to provide “unparalleled customer support.”
“On behalf of everyone at WIA, I’d like to welcome CDR to the World family,” WIA Co-founder and CEO Rich Eknoian said in a statement. “I know they will continue to be successful as part of World.”
Giordano, Halleran & Ciesla provided legal counsel to WIA, while MarshBerry advised on the transaction. Schwell Wimpfheimer & Associates provided legal counsel to CDR; Helfer & Associates advised the target. Financial terms of the deal were not disclosed.
In October, WIA added another company based in New England with its acquisition of Worcester, Mass.-based O’Brien and Gibbons Insurance Agency. Earlier that same month, it debuted its World Private Client Group within its personal lines business.
Since its founding in 2011, WIA has completed 160 acquisitions and now serves customers from more than 250 offices nationwide.=