World Insurance Associates is preparing for its “best year yet,” with a pipeline of mergers and acquisitions and record activity in its retail, wholesale, and wealth management segments, according to its chief executive Rich Eknoian (pictured).
Speaking to Insurance Business, Eknoian expressed optimism about the M&A environment in 2025. After a slow first half in 2024, activity has picked up, and he expects the momentum to carry in the new year.
World Insurance Associates, a Top 50 insurance brokerage based in Iselin, NJ, recently announced its acquisition of NorthStar Insurance Services, one of New England's largest insurance agencies, broadening its reach in the northeast.
"The first half of 2024 was the slowest period I can remember in terms of M&A activity,” Eknoian reflected. “However, the second half of the year has been a stark contrast, showing tremendous activity.
“Our pipeline for 2025 looks even stronger, signaling a potential return to pre-2024 levels of deal-making. For us, this is particularly promising. I firmly believe that 2025 will be a record-breaking year for us in terms of deal volume and overall activity. With the momentum we’re building, and our strategic positioning across these sectors, the coming year is shaping up to be exceptional for M&A growth."
The M&A landscape in the insurance industry has grown increasingly competitive, with established players and emerging firms vying for acquisitions. World Insurance has carved out its niche by focusing on integration and collaboration.
"I agree that the M&A landscape is competitive, but it’s more competitive now than at any point in our history,” Eknoian said, noting that World Insurance was launched in a market already dominated by established players like Gallagher and Marsh.
Even over a decade ago, he said, many brokerages were well on their way to maturity and immense success. Since then, additional smaller firms have adopted similar strategies, increasing competition further. “What sets us apart is our approach to integration,” Eknoian said.
“We don’t just acquire businesses; we integrate them thoroughly. We work closely with new partners to standardize workflows, unify platforms, and centralize services such as claims and loss control. This approach isn’t easy, but it accelerates organic growth and positions our partners for success.”
Asked about the challenges of adopting cutting-edge technologies while continuing their pace of acquisition and integration, Eknoian said World Insurance has fully embraced AI and automation to streamline processes, reduce redundancy, and improve margins.
The brokerage has invested in creating data lakes, developing business intelligence dashboards, and even deploying bots to handle repetitive tasks. These tools not only enhance efficiency but also free up resources for growth initiatives.
“We’re using bots to handle repetitive, basic tasks that were previously manual. With 2,700 employees, the time savings from these automations significantly impact our efficiency and margins,” Eknoian said. “We’ve assembled a team not only experienced with cutting-edge technology but also well-connected to keep our attention on the right advancements in automation.”
However, Eknoian stressed the importance of strategic implementation. “It’s not about adopting every new technology that comes along; it’s about being strategic—picking proven tools that will truly enhance operations,” he said. “Sometimes, what looks like the next big thing isn’t the best choice.”
Founded in 2011, World Insurance Associates has become a formidable force in the insurance brokerage industry, with more than 200 acquisitions under its belt.
When asked about the recent acquisition of NorthStar, Eknoian was clear on why the Massachusetts-based firm was a standout target. He highlighted the business’s mix of commercial and personal lines, with personal lines at around 20%, a ratio that aligns with World Insurance’s broader preferences.
“There’s quite a list of things that make different businesses attractive for different reasons,” Eknoian explained. “NorthStar checked a lot of those boxes.”
The company’s location in Massachusetts was another critical factor, given the state’s strong economic and population growth trends. “You want to be in a growing area, both economically and in terms of people migration,” Eknoian added.
World Insurance’s strategic goals are rooted in creating growth opportunities in untapped or underdeveloped markets. Massachusetts, for instance, represents a region where the company has made significant progress but still has room to expand.
“When we had our first recapitalization with a private equity partner in April 2020, we had zero business in Massachusetts,” Eknoian revealed. Since then, the company has established a growing presence, though the CEO insists it’s still far from oversaturated.
“While it’s no longer untapped territory for us, it remains relatively underdeveloped. It’s a promising area for continued growth as we strengthen our position,” he added.
Acquisitions like Northstar not only deepen World Insurance’s footprint but also serve as platforms for additional bolt-on acquisitions in the area. Over the past five years, World Insurance has completed more than 40 deals. Eknoian said the company remains well-capitalized for continued M&A and reinvests heavily in its operations.
"Our business is still young, with significant room for growth, leaving a lot of open opportunities across the country,” said Eknoian. “Ultimately, we attract the kind of partners who value our collaborative, integrated approach, and that collaboration is deeply ingrained in our culture."
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