Not Slowed by High-Interest Rates: World Ins. Acquires its Fifth Mass. Agency in 2023
While some assert that the current high-interest-rate environment has stifled well-known buyers’ acquisition of independent insurance agencies, it isn’t apparent when observing a significant player that recently declared its fifth procurement of a Massachusetts insurance agency this year.
Fifth agency acquisition since January 1, 2023
World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced on July 6, 2023, that it had acquired the business of Schlegel & Schlegel Insurance Brokers Inc. (“Schlegel & Schlegel”) located in West Yarmouth, MA, on July 1, 2023. The transaction’s terms were undisclosed.
A family business serving the Cape & Islands for fifty years
Established in 1972 as a family enterprise, Schlegel & Schlegel has dedicated over 50 years to serving the Cape Cod and Islands community. Paul Schlegel, the owner of Schlegel & Schlegel, notes, “At Schlegel & Schlegel, we take pride in our quality, professionalism, and integrity. We strive to provide our customers with coverage that ideally aligns with their personal or business necessities. Becoming part of World allows us to continue doing so.”
“I extend my warm welcome to Schlegel & Schlegel to the World family,” voiced Rich Eknoian, CEO and Co-founder of World. “They have made their mark, primarily in the Cape Cod region, by recognizing and understanding the distinctive needs of the local residents and business owners. I have no doubt that their success will continue under World.
Other Massachusetts agencies acquired by World Insurance
Headquartered in Tinton Falls, N.J., World Insurance Associates has grown into a national agency focused on providing individuals and businesses with top products and services across personal and commercial insurance lines, employee benefits, retirement and financial services and human capital management solutions.
Since its founding in 2011, it has completed over 180 acquisitions and now serves customers from more than 170 offices in the U.S. As a result of its aggressive growth strategy, the brokerage now appears at the top of many ranking lists, including #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, #3 on the Fastest Growing Brokers list by Business Insurance, #3 on the Fastest Growing Benefits Brokers list by Business Insurance, #24 on the Top 100 P&C Agencies by Insurance Journal, and #20 on the Top 50 Personal Lines Agencies by Insurance Journal.
As for Massachusetts, the company has made a series of agency acquisitions over the past few years, including the following that have been previously reported by Agency Checklists:
2023 Agency Acquisitions in Massachusetts
2022 Agency Acquisitions in Massachusetts
2021 Agency Acquisitions in Massachusetts
World Insurance Associates Acquires The R.S. Gilmore Insurance Agency
