Financial terms of the transaction were not disclosed. Credit: Pro.Sto / Shutterstock.

World Insurance Associates has announced that it acquired First International (FI) Insurance, a division of First International Bank & Trust on 1 October 2024.  

Financial details about the deal were not shared.  

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With 12 locations across North Dakota, Minnesota, and Arizona, FI Insurance has more than a century of experience, specialising in sectors such as contractors, trucking, oil and gas manufacturing, hospitality, and agriculture.

All FI Insurance employees have been integrated into World’s employee framework and FI customers can expect a seamless continuation of service during this transition.

Alvarez & Marsal advised World on the deal while Giordano, Halleran & Ciesla offered legal counsel.

Potomac Law Group offered legal advice to FI Insurance, with MarshBerry acting as its adviser.

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FI Insurance director of insurance Andy Hendrickson said: “At First International Insurance, we take pride in getting to know our clients personally, so we can find them the coverage that best protects them from loss. It’s great to join World, and we look forward to providing our clients with the same level of exceptional customer service with additional products and services.”

World co-founder and CEO Rich Eknoian said: “On behalf of World, I would like to extend a warm welcome to FI Insurance. This acquisition expands World’s presence to North Dakota. I know FI Insurance will continue to be successful as part of World.”

This follows several acquisitions by World, including the purchase of Skylands Insurance Group in New Jersey earlier this month.

In April 2024, World Insurance Associates further bolstered its portfolio with the acquisition of JBL Trinity Group. The company also expanded its reach with the acquisitions of TW Group and Foy Insurance Group in January.