World Insurance Associates Announces Growth Investment from Charlesbank

World Insurance Associates LLC (“WIA"), a leading full-service insurance brokerage, announced today that it has signed a definitive agreement to receive a majority investment from funds affiliated with Charlesbank Capital Partners, a middle-market private equity firm based in Boston and New York. The WIA management team and employee shareholders will remain major shareholders alongside Charlesbank.

Founded in 2012, WIA offers comprehensive insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals. The Company focuses on property and casualty lines, and has built centers of excellence in specialized industries such as transportation, hospitality, self- storage facilities, non-profits, and construction. WIA operates 40 offices in 11 states and has grown through a combination of organic growth and agency acquisitions, with 53 completed to-date. The growth investment from Charlesbank will enable WIA to accelerate its expansion program.

“Our team has worked tirelessly to establish World as one of the country’s fastest-growing insurance brokerages, with a reputation for excellent client service,” said WIA Chief Executive Officer Rich Eknoian. “With the benefit of Charlesbank’s extensive financial and operational resources, we are well-positioned to build on World’s foundation and to continue to grow organically and through targeted M&A. This investment will enable World to create new opportunities for our employees, further enhance services for our customers, and expand relationships with our carrier partners.”

“We are tremendously impressed by all that Rich and the World team have accomplished, firmly establishing World as an acquirer of choice among insurance brokerages,” said Michael Choe, CEO and Managing Director of Charlesbank. “We are excited to be the Company’s first private equity sponsor, and look forward to supporting Rich and the team in World’s next phase of growth.”

The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions, including regulatory approvals. Financial terms of the transaction were not disclosed.

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 will provide debt financing for the transaction.