World Insurance Associates has acquired the business of Pellechio Family Agency, a Parsippany, New Jersey insurance agency. The transaction became effective May 1, while financial terms were not disclosed.
Pellechio Family Agency has served commercial and personal insurance clients since 2017. The firm operates from 601 Jefferson Road in Parsippany.
Robert Pellechio, client advisor at Pellechio Family Agency, said joining World gives the agency access to a wider range of insurance products and services. He added that the agency will continue helping customers understand coverage options and select policies suited to their needs.
World Insurance Associates is based in Iselin, New Jersey, and has continued expanding through acquisitions. The company operates more than 250 offices across the US and UK.
Rich Eknoian, executive chairman and founder of World Insurance Associates, said Pellechio’s New Jersey roots made the transaction a natural addition to the group. World is ranked 14th on Insurance Journal’s Top 100 Independent Property/Casualty Insurance Agencies list.
The acquisition adds another local agency to World’s national distribution network. Pellechio’s existing commercial and personal lines business will now operate with access to World’s broader carrier relationships and product portfolio.
Giordano, Halleran and Ciesla provided legal counsel to World Insurance Associates on the transaction. Castano Quigley Cherami represented Pellechio Family Agency.
