Iselin-based World Insurance Associates LLC, a Top 50 Insurance Brokerage, announced a flurry of strategic acquisitions in July and August, expanding its geographical footprint and reinforcing its market presence in specialized sectors.
World kicked off its summer acquisitions with the deal for Reinig Insurance Solutions of Lakewood, Colorado, effective July 1.
Reinig Insurance Solutions specializes in providing property and casualty (P&C) products and services tailored specifically for the health and fitness industry.
Ken Reinig, president of Reinig Insurance Solutions, noted that the move would enhance his firm’s offerings. “The Reinig team is knowledgeable of the specific liability issues associated with gym ownership and employee safety training… We are pleased to join World and expand the products and services we provide.”
Rich Eknoian, CEO and co-founder of World, confirmed the strategic value. “This acquisition expands World’s presence into the state of Colorado. Reinig is well versed in the gym and fitness sector and will add to our existing product offerings.”
On Aug. 1, World completed three transactions, bolstering its presence in the Northeast:
World acquired Bafumi Insurance Agency, which provides P&C, life, and health insurance and services throughout Connecticut.
Guido Bafumi, President of Bafumi Insurance, stated, “As part of World, we have access to additional products and services to meet the needs of our customers. We are excited to join the World team.”
Eknoian welcomed the team, noting, “Bafumi brings an experienced team to World, and I know they will continue to grow and be successful.”
The brokerage acquired Mossbrook & Hicks Insurance Agency, an agency with a history dating back to 1895. The Cape May-based firm provides insurance to both individuals and businesses.
Orton Hicks III and Capt. Edward Mossbrook, Owners of Mossbrook & Hicks, commented that joining World would allow them to offer “more products and services” to their customers.
Eknoian praised the agency’s reputation: “This New Jersey based agency is known for the excellent customer service they provide to their customers, and I know they will continue to thrive as part of World.”
Also on Aug. 1st, World acquired Bound Brook-based Van Syckel Insurance, a firm with a 160-year history, founded in 1865. Managed by Ryan Van Syckel, the great, great grandson of the founder, the agency provides home, auto, flood, workers’ compensation, and business insurance.
Ryan Van Syckel, President, expressed enthusiasm about the future: “We look forward to providing them with even more products and services now that we are part of World.”
Eknoian noted this deal “further expands World’s presence in our home state of New Jersey.”
Terms of all four transactions were not disclosed. Giordano, Halleran & Ciesla provided legal counsel to World on all deals, with various advisors serving on a transaction-by-transaction basis:
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Reinig: Sica Fletcher advised World.
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Bafumi: Sica Fletcher advised World, with Andros, Floyd & Miller, P.C. and Philo Smith Securities LLC advising Bafumi.
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Mossbrook & Hicks: TAG Consulting advised World, with Rosenbloom Law Group LLC advising Mossbrook & Hicks.
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Van Syckel: Fortrust Diligence advised World, with Connell Foley providing legal counsel to Van Syckel.
