World Insurance Associates announced June 22 that it acquired Commercial Insurance Agency, based in Belmont, Mass., on May 1. Financial terms of the transaction were not disclosed.
The acquisition, which expands the firm’s footprint in the greater Boston area, marks 150 for the Iselin-based insurance brokerage since its founding in 2012.
George Ruggiero Jr. founded CIA in 1975 and now leads the firm with Betsy Pridham, the company’s president. CIA’s client portfolio focuses on the food and hospitality industry with an emphasis on food processing, distributing, manufacturing and restaurants, according to WIA.
Rich Eknoian, chief executive officer and co-founder of WIA, welcomed the CIA team in a statement, adding, “We look forward to increasing our client base in the Boston area, as well as expanding the offering of our products and services to the food service industry.”
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Fortrust Diligence advised the firm on the transaction. Morrison Mahoney LLP provided legal counsel to CIA, and PKF O’Connor Davies advised them on the transaction. No other advisors, diligence firms or legal counsel were disclosed.