World Insurance Associates’ latest acquisition comes from the Top 50 Insurance Brokerage’s home state: Coverage Specialists Inc. of Pompton Plains.
WIA announced the addition of the family-owned agency Aug. 1. Financial terms were not disclosed.
Founded in 2010, Coverage Specialists provides property & casualty products and services focusing on the trucking and transportation industry.
“We are pleased to welcome Coverage Specialists to the World family,” said WIA Chief Executive Officer and co-founder Rich Eknoian in a statement. “They are a team of professionals who have been writing insurance policies for over 35 years, and with their trucking and transportation focus they will fit very nicely with World, as we have our roots in the same industries.”
CSI co-owners Walter Zemlanicky and Jeffrey Scafuro said they look forward to joining WIA and expanding their firm’s resources.
“Coverage Specialists is a client-driven broker servicing the commercial and personal insurance needs of our clients, with the tools and markets to understand those evolving needs,” Zemlanicky stated.
Added Scafuro: “We also have the knowledge of how the insurance landscape has changed over the years to provide the right policy at a competitive price.”
Giordano, Halleran & Ciesla provided legal counsel to WIA; Keidel, Weldon & Cunningham LLP provided legal counsel to CSI. No other advisors, diligence firms or legal counsel were disclosed.
The announcement follows Iselin-based WIA’s latest acquisitions: two deals – for firms based in two different states – announced the same day in July. Since its founding in 2011, World Insurance Associates says it has completed 153 acquisitions. It presently serves customers from more than 250 offices nationwide.
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