Mazzotta Insurance Agency has been serving the Providence community in Rhode Island for over 50 years now
World Insurance Associates, a New Jersey headquartered insurance agency has acquired Mazzotta Insurance Agency for an undisclosed amount.
Mazzotta Insurance Agency is a Providence, Rhode Island-based family-owned insurance agency, founded by Joe Mazzotta.
The agency has been serving the Greater Providence community since 1968, offering protection for the community members’ homes, automobiles, rentals and businesses.
Mazzotta Insurance Agency agent Rich Mazzota said: “Our integration with World Insurance empowers us to give our clients more options, resources, and additional markets to meet all of their insurance and risk management needs.
“We always look out for the best interests of our clients and will continue to provide courteous, prompt, and professional service. It is the predicate on which the foundations of our agency were built.”
World Insurance Associates CEO and co-founder Rich Eknoian said: “We are proud to incorporate Mazzotta Insurance Agency into our expanding World team.
“It is great to have an agency that not only encompasses the same core values, but also has a legacy of servicing the Providence community for over half a century.”
World Insurance secured investment from Charlesbank Capital Partners
Separately, World Insurance Associates announced that it has completed the previously announced majority investment from funds affiliated with Charlesbank Capital Partners, a private equity firm.
As part of the funding, the WIA management team and employee shareholders remain major shareholders alongside Charlesbank. Financial terms were undisclosed.
Founded in 2012, World Insurance Associates offers comprehensive insurance coverage, risk management strategies, and benefits consulting services for businesses and individuals.
With a focus on property and casualty lines, the company has 40 offices across 12 states. The company claims to have achieved growth through a combination of both organic growth and 55 agency acquisitions.
The investment from Charlesbank will support WIA to accelerate its expansion.