World Insurance clinches 3 more acquisitions

Jeffrey Kanige//January 13, 2021

World Insurance clinches 3 more acquisitions

Jeffrey Kanige//January 13, 2021

Tinton Falls-based World Insurance Associates LLC closed out 2020 in a familiar fashion, by completing a flurry of deals for agencies in New Jersey and beyond.

The company said it acquired Westfield’s True & Associates; J.W. Edens & Co. of Titusville, Fla.; and Two Rivers Insurance Co. Inc. of Burlington Iowa. The transactions all closed on Dec. 31, 2020. Financial terms were not disclosed.

True & Associates was founded in 1984 by Thomas True and focuses on the construction industry. The target “has won the trust and support of top trade associations based on their unique and differentiated service platform and unmatched knowledge,” World Insurance CEO Rich Eknoian said in a Jan. 8 statement. “Thomas True and his team add meaningful depth to our already deep surety operations, bond capabilities, and our general presence in the tri-state area.”

J.W. Edens was established in 1997 and now has three locations. “JWE grew from its original office in Titusville via organic growth and acquisition, adding additional offices in Indialantic and New Smyrna Beach,” company president J. Wayne Edens said in a statement. “Today we have a diverse client base with accounts of all sizes.”

Eknoian said the Two Rivers acquisition gives World Insurance four offices in Iowa — with locations in Ft. Madison, Earlham and West Des Moines in addition to the Burlington headquarters.

World Insurance has completed 91 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.

In November, Charlesbank Capital Partners-backed WIA said it added five insurance agencies, including  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. The company bought Strovis Holdings LLC of Georgetown, S.C. and its subsidiaries Strovis InsuranceStrovis Payroll & HR and Strovis Benefits. Most recently, World Insurance said it purchased R.S. Gilmore Insurance Agency Inc. on Dec. 1, marking its first foray into Massachusetts.

Red Bank’s Giordano, Halleran & Ciesla provided legal counsel to World Insurance on all the deals. Roseland-based Connell Foley counseled True & Associates. Sica Fletcher of Amityville, N.Y. provided financial assistance to J.W. Edens. Dickinson, Mackaman, Tyler & Hagan of Des Moines counseled Two Rivers while Woodmere, Ohio-based MarshBerry provided financial advice.