World Insurance Associates (World) has bought the businesses of Haddonfield, New Jersey-based Calhoun Agency and Southington, Connecticut-based AVI Insurance Group.
The terms of the two separate deals have not been divulged.
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Founded in 1926, Calhoun has been catering to the insurance requirements of individuals and businesses in New Jersey and Pennsylvania for nearly a century.
Calhoun Agency president Chuck Calhoun said: “Calhoun is committed to a high standard of excellence in all we do.
“We take professional responsibility to help our customers make the right insurance decisions very seriously, and I know World follows the same approach. We look forward to expanding the products and services we provide to our customers.”
World co-founder and CEO Rich Eknoian said: “I would like to welcome Calhoun to the World family. “They provide a proven level or service that is focused on personal attention and responsiveness, and I know they will be a good fit.”
Giordano, Halleran & Ciesla offered legal counsel while Fortrust Diligence advised World on the transaction.
Hagner & Zohlman offered legal counsel to Calhoun on the deal.
AVI Insurance Group specialises in providing hospitality insurance for hotels and motels.
It also offers commercial lines risks including dental practices, gas stations, lessor risk, liquor stores, real estate accounts and shopping centres.
Commenting on the deal, AVI Insurance Group principal Anand Patel said: “AVI is pleased to join World Insurance.
“We look forward to expanding the products and services we offer to our current and future clients.”
Eknoian said: “On behalf of World, I would like to welcome AVI. AVI has a niche in the hospitality industry and will be great fit with World.”
Giordano, Halleran & Ciesla offered legal counsel and Fortrust Diligence advised World on the deal.
Legacy Advisors provided advice to AVI on the transaction.
