#USA #Iselin, NJ #World Insurance #Abacus Insurance #Texas Brokerage

World Insurance Associates Acquires Abacus Insurance and Financial Services

In a significant move within the insurance sector, World Insurance Associates LLC (often referred to as World), a well-established player in the Top 50 insurance brokerage rankings, has announced the acquisition of Abacus Insurance and Financial Services. This strategic partnership, effective April 1, 2025, marks a new chapter for both companies, amplifying their mutual strengths and customer offerings.

Who is Abacus Insurance?

Founded in 2016 by industry leaders Rafiq Hassan, Abid Hassan, and Shahira "Saira" Somani, Abacus Insurance has honed its focus primarily on providing commercial lines insurance with a specific niche in serving hotels, motels, and convenience stores. This focus has positioned Abacus as a reliable choice for clients seeking specialized coverage tailored to their unique operational needs. In a noteworthy development, Ankit Patel became a partner in the firm in 2024, further enriching its leadership team.

Quotes from Leadership

Saira Somani, Co-Unit Leader of Abacus, shared the company’s ethos, remarking, "At Abacus, we treat our clients with respect, honesty, and humility. These core values form the foundation of our company and drive our pursuit of excellence, ensuring we provide stellar coverage at competitive prices. Joining World represents exciting prospects for growth, allowing us to offer an even broader range of products and services to our valued clients."

Echoing this sentiment, Ankit Patel emphasized their commitment to high-quality service: "We maintain an incredible client retention rate by providing high-quality service. Our clients trust us, which drives their confidence in referring us to their network. We are thrilled to be part of World, where our strengths can further flourish."

World’s Response to the Integration

Rich Eknoian, CEO, and Co-Founder of World, conveyed his enthusiasm for this acquisition, welcoming Abacus into the World family. He stated, "The addition of Abacus enhances our Texas operations and brings in a rapidly growing specialist in hotel/motel and convenience store insurance. I have full confidence in Abacus’ success moving forward."

Legal and Advisory Support

Legal counsel for this transaction was provided by Giordano, Halleran & Ciesla guiding World through the acquisition, while Connell Foley LLP offered legal support to Abacus. Additionally, MarshBerry advised World, ensuring that all aspects of the transaction were meticulously addressed, although no further advisors have been publicly disclosed.

About World Insurance Associates

World Insurance Associates LLC operates as a nationally recognized financial services organization headquartered in Iselin, New Jersey. With over 300 offices spread across the United States and the United Kingdom, World aims to empower clients by enhancing their risk management outcomes and improving benefits programs. Services encompass a broad spectrum, including commercial and personal insurance, employee and executive benefits, wealth management, retirement planning, and payroll HR solutions. The strategic acquisition of Abacus Insurance showcases World’s commitment to evolving its offerings and staying ahead in the competitive insurance landscape.

For additional insights and updates about World Insurance Associates and its latest offerings, interested parties can visit their official website at www.worldinsurance.com.