IISELIN, NJ - World Insurance Associates LLC (“WIA”), a top 50 U.S. insurance broker, announced today that it acquired the Gerard P. Smith Insurance Agency (“Gerard P. Smith”) of Webster, NY on June 1, 2022. Terms of the transaction were not disclosed.
In 1966, Gerard P. (Jerry) Smith founded his agency on a commitment to provide his clients with the very highest level of service. Since then, the Gerard P. Smith Insurance Agency has grown into one of the largest independent insurance agencies in the region. Jerry’s son, Tom Smith, joined the firm in 1977 and became the company president at his father’s retirement in 1993. Tom’s brother, Kevin Smith, is also involved in the family business, serving as its vice president. Continuing the tradition even further, 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,” says Ian Smith, President and CEO, Gerard P. Smith. “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.”
Also raised in Webster was World board member Tom Ealy, who has known the Smith family, from patriarch on down, for most of his life. “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. 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,” says Ealy.
“’On behalf of the World family, I’d like to extend a warm welcome to the Gerard P. Smith Insurance Agency,” says Rich Eknoian, CEO and Co-Founder of WIA. “They have always put a high value on providing their clients with personalized service. They can now offer their clients even more products and services."
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Fortrust Diligence advised them on the transaction. Merzbach & Solomon, P.C. provided legal counsel to Gerard P. Smith. No other advisors, diligence firms or legal counsel were disclosed.
About World Insurance Associates LLC
World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed 153 acquisitions and serves its customers from more than 250 offices across the United States. World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #2 on the Fastest Growing Brokers list by Business Insurance and is a Top-50 ranked personal lines agency by Insurance Journal. For more information, please visit www.worldinsurance.com.
Jean Wiskowski, Chief Marketing Officer
732-380-0900 Ext. 736
Mergers & Acquisitions Contact:
Bradley Unger, Senior Vice President, Business Development
732-712-2230 Ext. 186