Acquisition Announced on December 5th After Closing Earlier This Year
World Insurance is growing again in Massachusetts. After making a bevy of acquisitions in 2023, the Top 50 Insurance Brokerage firm has made a new acquisition in the Commonwealth. The company announced that it acquired the business of NorthStar Insurance Services (“NorthStar”) of Needham, MA on July 1, 2024.
Founded in 1995, NorthStar is one of New England’s largest insurance agencies, providing business and personal insurance. In 2014, they acquired The Insurance Center (TIC) agency located in Claremont, NH, and in 2022 they acquired McCrillis & Eldredge, a 125-year-old P&C agency in New Hampshire.
“We take a local, hands-on approach in servicing our clients while leveraging the resources and expertise of our size to deliver the tailored solutions they need to protect their assets, reputation, people, and customers,” says Edward B. Pierce, Jr., Founder and President, NorthStar Insurance Services. “NorthStar was founded to create an insurance operation dedicated to superior service and excellence,” adds Gregory G. Pierce, Senior Vice President, NorthStar Insurance Services. “As part of World, I know we will be able to continue to provide this level of service to our clients because we share the same goals and values with World.”
“I would like to extend a warm welcome to NorthStar,” says Rich Eknoian, CEO and Co-Founder of World. “Their industry expertise and superior customer service make them a great fit, and I know they will continue to be successful as part of World.”
Giordano, Halleran & Ciesla provided legal counsel and MarshBerry advised World on the transaction. Satin and Lee Law P.C. provided legal counsel and Sica Fletcher advised NorthStar on the transaction. No further terms of the transaction 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 200 agency 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 #28 on the 100 Largest Brokers of U.S. Business list by Business Insurance, #3 on the Fastest Growing Benefits Brokers list by Business Insurance, #15 on the Top 100 P&C Agencies by Insurance Journal, and #19 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
- New England’s Foy Insurance Joins World Insurance Associates
- Wm F. Borhek & B. R. Alexander Agencies Join World Insurance Associates
- World Picks Up Another Two Agencies In New England
- 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
