World Insurance buys Texas-based Abacus Insurance
By Ashish Tiwari
Aug 13 - (The Insurer) - World Insurance Associates has acquired the business of Abacus Insurance and Financial Services, an Irving, Texas-based agency specializing in hotel, motel and convenience store coverage, the insurance broker said on Tuesday.
The deal, completed on April 1, scales up World’s presence in Texas. Financial terms were not disclosed.
Founded in 2016 by Rafiq Hassan, Abid Hassan and Shahira Somani, Abacus provides commercial lines insurance along with some personal lines.
“The acquisition of Abacus adds additional depth to World’s Texas operation by introducing a fast-growing specialist in the hotel/motel and convenience store spaces,” said Rich Eknoian, World’s CEO and co-founder.
Backed by private equity firm Charlesbank Capital Partners, New Jersey-based World Insurance has been on a buying spree in recent years.
Most recently, World acquired Madisonville, Louisiana-based Lighthouse Insurance Agency, along with five other insurers in the same state.
Back in May this year, the company had also bought South Carolina's Owens Insurance Agency and Stokes Farnham Insurance Agency.
Legal counsel for the deal was provided by Giordano, Halleran & Ciesla for World and Connell Foley for Abacus, with advisory services from MarshBerry.
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