US-based insurance brokerage firm World Insurance Associates (WIA) has finalised a deal to receive a majority investment from Charlesbank Capital Partners, a middle-market private equity firm.

The financial details of the transaction have not been made public.

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Under the terms of the deal, management team and employee shareholders of WIA will remain major shareholders along with Charlesbank.

The investment by Charlesbank will be used by WIA to accelerate its expansion programme.

Charlesbank CEO and managing director Michael Choe said: “We are tremendously impressed by all that Rich and the World team have accomplished, firmly establishing World as an acquirer of choice among insurance brokerages.

“We are excited to be the Company’s first private equity sponsor, and look forward to supporting Rich and the team in World’s next phase of growth.”

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Founded eight years ago, WIA offers a suite of insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals.

The firm focuses on property and casualty insurance lines as well. It has 40 offices in 11 states and has completed 53 acquisitions to date.

WIA CEO Rich Eknoian said: “With the benefit of Charlesbank’s extensive financial and operational resources, we are well-positioned to build on World’s foundation and to continue to grow organically and through targeted M&A.

“This investment will enable World to create new opportunities for our employees, further enhance services for our customers, and expand relationships with our carrier partners.”

Subject to receipt of regulatory approvals, the transaction is expected to close in the first quarter of 2020.