Further expanding its already far-flung portfolio, World Insurance Associates said it purchased R.S. Gilmore Insurance Agency Inc. on Dec. 1, marking the acquisitive Tinton Falls-based buyer’s first foray into Massachusetts.
Founded in 1938 and based in North Attleboro, R.S. Gilmore has become one of the largest agencies in the Bay State’s southeastern region, according to WIA. Financial terms were not disclosed.
“Over 80 years ago, my grandfather established R.S. Gilmore Insurance Agency,” said Timothy Gilmore, a principal at the target, in a statement. “From the beginning, the agency has been known for its commitment to customer service and with that, has been able to build a strong and growing customer base. We are looking forward to continuing this success in our next chapter of growth alongside WIA.”
Since its founding in 2012, WIA has completed 85 acquisitions and now operates from 17 offices in 81 states and Washington, D.C.
“We are excited to establish WIA’s first office in the state of Massachusetts through our partnership with R.S. Gilmore,” said CEO and co-founder Rich Eknoian. He added that the firm’s leaders “have grown and developed a remarkable agency over the years, and we are confident that it will continue to flourish under WIA.”
On Nov. 12, Charlesbank Capital Partners-backed 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. 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. Most recently, company bought Strovis Holdings LLC of Georgetown, S.C. and its subsidiaries Strovis Insurance, Strovis Payroll & HR and Strovis Benefits.
Red Bank’s Giordano, Halleran & Ciesla provided legal counsel to WIA on the Gilmore deal. Morrison Mahoney, a Boston-based law firm with an office in Parsippany, counseled the target.d