Charlesbank Completes Growth Investment in World Insurance Associates

World Insurance Associates LLC (“WIA”), a leading full-service insurance brokerage, today announced that it has closed the previously announced majority investment from funds affiliated with Charlesbank Capital Partners, a middle-market private equity firm based in Boston and New York. As part of the transaction, the WIA management team and employee shareholders remain major shareholders alongside Charlesbank. The financial terms of the growth investment were not disclosed.

Founded in 2012, WIA offers comprehensive insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals. Focused on property and casualty lines, the Company has built centers of excellence in specialized industries such as transportation, hospitality, self-storage facilities, non-profits, and construction. WIA operates 40 offices in 12 states and has grown through a combination of organic growth and agency acquisitions, with 55 completed to-date. The growth investment from Charlesbank will enable WIA to accelerate its expansion program.

“We are excited to embark on World’s next phase of growth,” said WIA Chief Executive Officer Rich Eknoian. “With the benefit of Charlesbank’s financial and operational resources, we believe World is even better positioned to continue gaining share in the insurance brokerage market and to deliver best-in-class results for our customers, employees, and carriers.”

Piper Sandler & Co. and Macquarie Capital (USA) Inc. served as financial advisors to WIA, and Evercore served as financial advisor to Charlesbank. Paul Hastings LLP provided legal counsel to WIA, and Goodwin Procter LLP provided legal counsel to Charlesbank. Macquarie Capital Principal Finance and Madison Capital Funding provided debt financing for the transaction.