American insurance brokerage firm World Insurance Associates has snapped up Martin & Rowland Insurance to boost its presence in Connecticut market.
The companies did not divulge the financial terms of the transaction.
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Martin & Rowland Insurance, which was founded in 1845, is a full-service, independent insurance agency that offers customers personal lines, life and health, workers compensation, and other insurance services.
Prospect headquartered insurance agency said to represent various insurance companies apart from having affiliations with sales brokers and brokerage offices.
World Insurance Associates CEO and co-founder Rich Eknoian said: “We are thrilled to welcome such a reputable, well-established company to our team. Martin & Rowland’s extensive experience and expertise in the insurance industry is a great opportunity for us to expand our capabilities in the state of Connecticut.”
Martin & Rowland Insurance president and CEO Sherwood Rowland said: “We look forward to growing with World and are excited to offer additional insurance options and resources to our clients.”
World Insurance Associates, which is based in New Jersey, is said to have made 57 acquisitions since it was founded in 2012.
The insurance broker serves its customers from 40 offices located across 10 states and Washington, DC.
World Insurance Associates recently secured an undisclosed investment from middle-market private equity firm Charlesbank Capital Partners.
