Acquires Durfee Buffinton of Fall River
Another week, another agency acquisition announcement from World Insurance Associates (WIA) it seems. This week, the New Jersey-based agency announced that it has acquired the business of Durfee Buffinton Insurance Agency, Inc. (“Durfee Buffinton”) of Fall River, MA. The transaction was effective as of December 31, 2022, with no further terms of the transaction disclosed.
A full service, family-owned and operated independent agency, Durfee Buffinton has roots that date back almost 100 years. Today, the business is run by the third-generation Brown family members, with Walter A. Brown III having taken over as president of the agency in 1986.
“Our mission has always been to provide insurance products and services to individuals and businesses that safeguard their assets from financial loss,” says Walter A. Brown, President, Durfee Buffinton Insurance Agency. “As part of World, and with the continued leadership of Christopher Brown and Doug Barresi, we will continue this mission, while offering additional products and services to our customers.”
“I’d like to welcome Durfee Buffinton to the World family, “says Rich Eknoian, CEO and Co-Founder of WIA. “They are recognized for the high level of service they provide to their customers, and I know as part of World, they will continue to do so.”
The purchase of Durfee Buffinton marks the 11th agency acquisition for World since 2021.
World also acquires Woonsocket’s Esten & Richard Agency
In addition to Fall River’s Durfee Buffinton, World also announced this past week that it had acquired the business of the Esten & Richard Agency of Woonsocket, R.I. as of December 31, 2022. The independent agency has been a fixture in Rhode Island for over 70 years; providing both Business and Personal Insurance programs.
“Our goal is to continue to provide our customers with the best insurance coverage and service possible in order to protect their assets and therefore to secure their financial well-being, “advised Frank Richard, President of the Esten & Richard Agency. “Partnering with World Insurance Associates will further strengthen our ability to do so.”
“On behalf of World, I’d like to welcome Esten & Richard to the family,” says Rich Eknoian, CEO and Co-Founder of WIA. “They have a strong commitment to quality service, and I know they will be a great addition to our team.”
For both of the above transactions, Giordano, Halleran & Ciesla provided legal counsel to World, and MarshBerry advised them on the transaction. Lyon & Fitzpatrick, LLP provided legal counsel Durfee Buffinton, while B.H. Burke & Co., Inc. advised them on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
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 250 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
- Bearce Insurance Agency Joins World Insurance Associates
- New Bedford’s Tomlinson & O’Neil Joins World Insurance Associates
2022 Agency Acquisitions in Massachusetts
- World Insurance Associates Adds Another Mass. Agency To Its Ranks (Circle Insurance Agency)
- World Insurance Associates Acquires O’Brien And Gibbons Insurance Agency
- World Insurance Agency Acquisition Hat Trick: Two Massachusetts Agencies & A Rhode Island One (Tarpey and Rush-Kent Agency)
- World Insurance Associates Acquires The 174-Year-Old Allan M. Walker Insurance Agency
- World Insurance Associates Acquires Commercial Insurance Agency
- J.K. Olivieri Insurance Agency Joins World Insurance Associates