World Insurance Associates, a New Jersey-based full-service insurance brokerage firm, closed a majority investment from funds affiliated with Charlesbank Capital Partners, a private equity investment firm.
As a part of the transaction, the management team along with the employee shareholders of World Insurance Associates remain major shareholders apace with Charlesbank Capital.
While the sum of investment hasn’t been disclosed, the funds are aimed at enabling the acceleration of the company’s expansion program.
The brokerage firm, World Insurance Associates was founded in the year 2012. Led by Rich Eknoian, Chief Executive Officer at WIA, offers a vast insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals. The company’s main focus remains to be on the property and casualty lines alongside this, they have built centers of excellence in specialized industries like hospitality, construction, self-storage facilities and transportation. The agency’s mission is to provide world-class services and lifestyle security with insurance, risk management, and beneficiary consulting services for individuals as well as businesses. They provide value by aligning with some of the leading insurance companies, investing in technology and retaining the most talented team of professionals in the insurance industry. World Insurance Associates currently operates around 40 offices in 12 states.
Charlesbank Capital Partners is a private value speculation firm concentrating on the executives drove buyouts and development capital financing of center market organizations. The originators of Charlesbank met up in 1991 as Harvard Private Capital Group to deal with the private value speculation portfolio for Harvard Management Company. In 1998, the originators propelled Charlesbank Capital Partners, a free firm additionally situated in Boston, Massachusetts.
Charlesbank has a record of making effective interests in the center market. The firm has contributed over an expansive scope of businesses and exchange types, they have increased extensive involvement with their field.