Dedicated to keeping its No. 2 spot on Business Insurance’s Fastest Growing Brokers list, World Insurance Associates LLC announced its 153rd acquisition July 14.
The Iselin-based insurance broker said it acquired the Gerard P. Smith Insurance Agency, based in Webster, N.Y., on June 1. Terms of the transaction were not disclosed.
Founded in 1966 by Gerard “Jerry” Smith, the family-run agency has grown into one of the largest independent insurance agencies in the region, according to WIA.
Smith’s son Tom Smith joined the firm in 1977 and became president when his father retired in 1993. Another son, Kevin Smith, joined as vice president. Ian Smith, a third-generation member of the Smith family, became a partner in the agency in 2012 and took over as president and CEO in 2017.
“We were born here, we work here, and we live here,” Ian Smith said in a statement. “We have a vested interest in this community and look forward to serving its residents for a long, long time as part of World Insurance.”
World board member Tom Ealy, who grew up in the same town, vouched for the family business.
“The Gerard P. Smith Agency’s deep community ties and strong, third-generation leadership is the epitome of what World seeks in a merger partner,” Ealy said. “We look forward to providing the agency and its clients with the resources needed to continue what Jerry started and what Tom, Kevin, and Ian have so impressively built upon.”
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Fortrust Diligence advised it on the transaction. Merzbach & Solomon PC provided legal counsel to Gerard P. Smith. No other advisors, diligence firms or legal counsel were disclosed.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.