World Insurance Associates, a Tinton Falls, NJ-based independent insurance agency, acquired MedNET Financial, Inc. a Watchung, New Jersey-based provider of insurance protection for the New Jersey and New York healthcare communities.
The amount of the deal was not disclosed.
MedNET Financial specializes in malpractice insurance and the associated needs of both individual health and dental providers, as well as groups.
Following the deal, the company will remain with the same staff and location in Watchung, NJ. Owners David M. Monahan, Jr. and Michael A. De Parto, Esq. have joined World Insurance Associates LLC as Principals of the firm.
Led by Rich Eknoian, CEO and co-founder, World Insurance Associates is an independent insurance agency that offers personal and business insurance solutions in 50 states.
The company specializes in transportation, hospitality, self-storage facilities, construction (surety), manufacturers, and law firms.
World Insurance Associates also provides group benefits and property and casualty insurance to companies of all sizes in a variety of industries in addition to insurance services for individuals, focusing on coastal properties and high net worth clients. It began business in 2012, has completed 39 acquisitions, and serves its customers from 25 offices in NJ, PA, NY, CT, RI, ME, OH, FL, and Washington, D.C.