Tinton Falls-based insurance brokerage firm World Insurance Associates finalized the purchase of two insurance brokerage firms in the past month, according to an announcement on Jan .27.
The first is the Pennsylvania-based Bush Insurance Agents & Brokers, which was formally acquired on Dec. 31. The second is the Texas-based 1st Patriot Insurance Services, which was formally acquired the next day on Jan. 1.
1st Patriot specializes in auto and general liability, mechanism damage and motor truck cargo insurance.
Terms were not disclosed on either transaction. Giordano, Halleran & Ciesla was legal counsel for the two acquisitions, while TAG Consulting Services advised WIA.
Rich Eknoian, the co-founder and chief executive officer of WIA, said the moves will help bolster the firm’s catalog of brokerage services.
“Bush Insurance has developed relationships with many well regarded and financially secure regional and national insurance companies,” Eknoian said in a statement.
Bush Insurance owners Gregg Gordon and Dick Perry said the move would enable them to scale up their products and services available to their clients.
World Insurance has completed 93 purchases since it was founded in 2012 and now operates out of 94 offices in 18 states and Washington, D.C. Its aggressive acquisition strategy has made it one of the fastest-growing companies in New Jersey.
