World Insurance Associates LLC, the acquisitive Tinton Falls-based insurance broker, said it purchased Hampton Insurance Agency LLC on Oct. 1 for an undisclosed amount.
The target, based in Hampton, Va., is a property and casualty insurance agency specializing in the transportation industry in the Tidewater region.
“We are looking forward to continuing our growth trajectory alongside World Insurance Associates,” said Hampton President Charles Ellis, in an Oct. 20 statement. “This partnership will allow us to offer our new and existing clients an even broader array of products and services.”
For WIA, the deal is its second in Virginia over the past four months. On July 1, it acquired P&C agency Lindberg & Associates in Poquoson, Va., which is just a few miles north of Hampton. Lindberg focuses on petroleum insurance, trade and artesian contractors, equipment dealers, specialty contractors, hotels, motels and property management.
In all, WIA said it has completed 75 acquisitions since it was founded in 2012. In addition to the Lindberg deal, the agency has also recently snagged targets in Kansas, New York, Rhode Island, Indiana, Florida and Texas. It has also added several agencies in New Jersey and this year came in at No. 89 on the NJBIZ list of the top 250 companies in the state. The buyer said it now operates out of 55 offices in 13 states and Washington, D.C.
WIA and co-founder and Chief Executive Officer Rich Eknoian praised his latest target. “We are excited to leverage Hampton Insurance’s areas of expertise, while also growing our presence in Virginia,” he said.
Red Bank’s Giordano, Halleran & Ciesla provided legal assistance to World Insurance; Basnight, Kinser, Leftwich & Nuckolls of Chesapeake, Va. counseled Hampton.