The financial details of the deal have not been disclosed. Credit: Wasan Tita/Shutterstock.

US intermediary World Insurance Associates has acquired the business of Stern Insurance Group (SIG), based in Scottsdale, Arizona. 

The financial details of the deal have not been disclosed. 

Founded in 1987 by Daryl Stern, SIG provides insurance solutions coupled with personal service.  

The company specialises in advising corporations on employee benefits and risk management services, as well as offering medical, life and disability insurance products to individuals. 

Legal counsel for the acquisition was provided by Giordano, Halleran & Ciesla for World, while Satin and Lee Law PC represented SIG.  

Advisory services for World were provided by Reagan Consulting and MidCap Advisors advised Stern.  

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SIG principal Daryl Stern said: “Stern was built on a tradition of integrity and industry leadership. We have invested in the resources necessary to deliver thoughtful strategic planning and technology-based solutions in order to meet the changing needs of our clients.”  

World CEO and co-founder Rich Eknoian said: “I would like to welcome the Stern Insurance Group to World. Stern has built a strong network in the Scottsdale area, and with their expertise I know they will continue to be successful as part of World.”  

World head of Employee Benefits Jennifer Barton said: “We are excited to welcome the Stern Insurance Group team into our family. Daryl and Eric Stern have built an exceptional practice that truly reflects our values and value proposition. Their outstanding expertise further strengthens our presence in Arizona.” 

This acquisition follows World’s recent purchase of HML Brokerage, a Brooklyn, New York-based insurance provider. 

World, headquartered in Iselin, New Jersey, was founded in 2011 and has more than 250 offices across the US.  

The company offers services including personal and commercial insurance, employee benefits, retirement planning, financial planning and human capital management solutions.