World Insurance Associates Bolsters New Jersey Footprint with Latest Acquisition Streak
World Insurance Associates LLC, a leading U.S. insurance brokerage, has strengthened its home-state presence through the acquisition of William P. Smart Associates, a Fairfield, New Jersey-based agency specializing in entertainment industry coverage. Effective June 1, 2025, this deal marks another chapter in the firm’s aggressive expansion strategy, enhancing its property and casualty offerings amid a record year of mergers.
The Acquisition: William P. Smart Associates Joins the Fold
Headquartered in Iselin, New Jersey, World Insurance Associates announced the purchase on September 16, 2025, integrating William P. Smart Associates’ client base and expertise into its operations. The acquired agency, founded decades ago, focuses on commercial insurance for entertainment clients, including event producers, performers, and related businesses, providing tailored solutions for high-risk sectors like live events and media production.
Rich Eknoian, CEO and co-founder of World, highlighted the strategic fit: “This acquisition will help us expand our property and casualty offerings, particularly in niche markets like entertainment where specialized knowledge is crucial.” Terms of the deal were not disclosed, but it aligns with World’s pattern of acquiring established local agencies to scale regionally.
Founded in 2011, World has grown into a Top 50 brokerage through relentless M&A activity, completing over 250 acquisitions and operating more than 300 offices nationwide. This New Jersey-focused move reinforces its dominance in the Northeast, where it originated.
World’s Ongoing Acquisition Momentum
The William P. Smart deal is part of a broader 2025 acquisition spree for World. Earlier in the year, the firm snapped up Abacus Insurance and Financial Services in Irving, Texas (April 1), and Archambault Insurance Associates in Putnam, Connecticut (December 1, 2024, announced in March 2025). More recently, on June 1, 2025, World acquired Dunaway Insurance Agency and Hoosier Insurance Agency in Indiana, expanding its Midwest personal and commercial lines.
This pace echoes World’s historical growth: By 2023, it had already notched 185+ deals, earning spots on lists like NJBIZ’s Companies to Watch. The strategy emphasizes integrating local expertise to offer broader services, including employee benefits, retirement planning, and human capital solutions, serving clients from individuals to large enterprises.
Leadership Insights and Internal Shifts
Eknoian’s vision drives this expansion, focusing on client-centric growth. “We’re building a network that provides unmatched resources and relationships,” he noted in recent statements. Complementing acquisitions, World made internal moves in its wholesale arm, Novatae Risk Group, with Nick Greggains stepping up as CEO in August 2025 following Richard Kerr’s departure. Additionally, Zach Posey joined as leader of market relationships earlier in September, bolstering carrier partnerships.
These changes position World to navigate a competitive insurance landscape, where brokerages consolidate to access diverse markets and manage rising risks like cyber threats and climate events.
Industry Reactions and Expert Views
The insurance sector has praised World’s approach as a model for organic and inorganic growth. Analysts at Insurance Journal noted that such acquisitions enhance service depth, particularly in specialized niches like entertainment, where tailored coverage can prevent costly disruptions. Peers view it as a sign of consolidation trends, with M&A activity in U.S. brokerages up 15% year-over-year in 2025.
Public reactions on platforms like LinkedIn highlight optimism, with professionals commending the seamless integration of local agencies. One expert remarked, “World’s streak shows how regional players can scale nationally without losing personal touch.” However, some caution that rapid expansion requires robust integration to maintain client satisfaction.
Impact on U.S. Businesses, Economy, and Insurance Landscape
For U.S. readers, especially in New Jersey and the Northeast, this expansion means more options for comprehensive insurance, benefiting small businesses in entertainment and beyond. Clients gain access to World’s vast carrier network, potentially lowering premiums through volume negotiating power—vital amid 2025’s 8% rise in commercial rates due to inflation and claims.
Economically, World’s growth supports job creation (over 2,000 employees) and fuels M&A in the $1.5 trillion U.S. insurance industry, driving innovation in fintech-integrated policies. For entrepreneurs, it underscores the value of specialized coverage, protecting against sector-specific risks like event cancellations or liability suits. Nationally, such consolidations stabilize the market, ensuring resilient services for everyday Americans facing uncertainties like natural disasters.
Conclusion: A Powerhouse in Perpetual Motion
World Insurance Associates’ acquisition of William P. Smart Associates exemplifies its unyielding expansion in New Jersey, solidifying its status as an insurance giant. With over 250 deals under its belt and more on the horizon, the firm is poised for continued dominance, offering enhanced protection to clients nationwide. As the brokerage evolves, it sets a benchmark for growth in a dynamic industry—watch for further moves that could reshape regional markets.
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