World Insurance Associates, a Tinton Falls, N.J.-based full-service insurance brokerage, received a majority investment from funds affiliated with Charlesbank Capital Partners, a middle-market private equity firm based in Boston and New York.
The amount of the deal – expected to close in the first quarter of 2020, subject to customary closing conditions, including regulatory approvals – was not disclosed. The WIA management team and employee shareholders will remain major shareholders alongside Charlesbank.
The growth investment will enable the company to accelerate its expansion program.
Founded in 2012 by Chief Executive Officer Rich Eknoian, WIA offers comprehensive insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals. The company focuses on property and casualty lines in specialized industries such as transportation, hospitality, self-storage facilities, non-profits, and construction.
WIA operates 40 offices in 11 states and has grown through a combination of organic growth and agency acquisitions, with 53 completed to-date.