World Insurance Associates purchases Burlington's Two Rivers Insurance Co.
A New Jersey-based insurance company has purchased Two Rivers Insurance Co.
World Insurance Associates, which, according to its website, is the second-fasted growing insurance broker in the U.S., finalized the deal to purchase Two Rivers on Dec. 31 from Two Rivers Financial Group.
The purchase includes Two Rivers Insurance Services and Employee Benefits Systems.
Two Rivers chairman Ned Skinner said the sale will allow customers access to more carriers.
"We are pleased that this transaction will allow TRIS and EBS to be in the national network of WIA's regional insurance agencies, allowing our customers to have access to more carriers at competitive prices," Skinner said in a press release issued earlier this month.
The terms of the transaction have not been disclosed, but the company will keep its name and continue to be headquartered in Burlington, with offices in Fort Madison, West Des Moines and Earlham. All will remain operational, and current Two Rivers employees have transferred to WIA.
Todd Ackerman will continue in his capacity as president and CEO of Two Rivers.
"TRIC has been an important part of the Two Rivers Financial Group portfolio since 1999," said Frank Delany, chairman of Two Rivers Financial Group. "We are confident the business will be in good hands with WIA, which has been recognized as a Top 100 U.S. Broker, Top 100 U.S. P/C Agency and has been named a Best Place to Work for the past two years."
Two Rivers Financial Group offers financial solutions including banking and trust and investment management services with locations in Ankeny, Bettendorf, Burlington, Coralville, Keokuk, Des Moines, Iowa City, Mediapolis, Mount Pleasant, West Burlington and West Des Moines.
World Insurance Associates now has offices in 21 states, including Illinois and Kansas. Two Rivers Insurance Co. is the only insurance company World Insurance Associates has purchased in Iowa.
This article originally appeared on The Hawk Eye: Two Rivers Insurance Co. now owned by World Insurance Associates
