Iselin, NJ, July 14, 2022 (GLOBE NEWSWIRE) — World Insurance coverage Associates LLC (“WIA”), a high 50 U.S. insurance coverage dealer, introduced immediately that it acquired the Gerard P. Smith Insurance coverage Company (“Gerard P. Smith”) of Webster, NY on June 1, 2022. Phrases of the transaction weren’t disclosed.
In 1966, Gerard P. (Jerry) Smith based his company on a dedication to offer his shoppers with the very highest degree of service. Since then, the Gerard P. Smith Insurance coverage Company has grown into one of many largest impartial insurance coverage companies within the area. Jerry’s son, Tom Smith, joined the agency in 1977 and have become the corporate president at his father’s retirement in 1993. Tom’s brother, Kevin Smith, can be concerned within the household enterprise, serving as its vp. Persevering with the custom even additional, Ian Smith, a third-generation member of the Smith household turned a accomplice within the company in 2012 and took over as president and CEO in 2017.
“We have been born right here, we work right here, and we stay right here,” says Ian Smith, President and CEO, Gerard P. Smith. “We have now a vested curiosity on this group and stay up for serving its residents for a protracted, very long time as a part of World Insurance coverage.”
Additionally raised in Webster was World board member Tom Ealy, who has identified the Smith household, from patriarch on down, for many of his life. “The Gerard P. Smith Company’s deep group ties and powerful, third-generation management is the epitome of what World seeks in a merger accomplice. We stay up for offering the company and its shoppers with the sources wanted to proceed what Jerry began and what Tom, Kevin, and Ian have so impressively constructed upon,” says Ealy.
“On behalf of the World household, I’d like to increase a heat welcome to the Gerard P. Smith Insurance coverage Company,” says Wealthy Eknoian, CEO and Co-Founding father of WIA. “They’ve all the time put a excessive worth on offering their shoppers with personalised service. They’ll now supply their shoppers much more services.”
Giordano, Halleran & Ciesla offered authorized counsel to WIA, and Fortrust Diligence suggested them on the transaction. Merzbach & Solomon, P.C. offered authorized counsel to Gerard P. Smith. No different advisors, diligence companies or authorized counsel have been disclosed.
About World Insurance coverage Associates LLC
World Insurance coverage Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance coverage group offering people and companies with high services throughout private and business insurance coverage, worker and govt advantages, retirement and monetary companies and human capital administration options. Since its founding in 2011, World has accomplished 153 acquisitions and serves its clients from greater than 250 workplaces throughout the US. World is ranked #34 on the 100 Largest Brokers of U.S. Enterprise checklist by Enterprise Insurance coverage, ranked #2 on the Quickest Rising Brokers checklist by Enterprise Insurance coverage and is a High-50 ranked private strains company by Insurance coverage Journal. For extra info, please go to www.worldinsurance.com.