World Insurance Associates LLC announced the acquisition of Stern Insurance Group, effective December 1, 2024.
The terms of the transaction were not disclosed.
Stern Insurance Group was founded in 1987 by Daryl Stern. The firm offers a range of insurance solutions and services to both corporate and individual clients. Stern specializes in providing employee benefits and risk management services to businesses, as well as offering various insurance products, including medical, life, and disability coverage to individuals.
"Stern was built on a tradition of integrity and industry leadership," said Daryl Stern, principal of Stern Insurance Group. "We have invested in the resources necessary to deliver thoughtful strategic planning and technology-based solutions to meet the changing needs of our clients."
Rich Eknoian, CEO and co-founder of World Insurance, commented on the acquisition, saying, "I would like to welcome Stern Insurance Group to World. Stern has built a strong network in the Scottsdale area, and, with their expertise, I am confident they will continue to be successful as part of World."
Meanwhile, Jennifer Barton, head of employee benefits at World Insurance, expressed enthusiasm about the deal.
"We're excited to welcome the Stern Insurance Group team into our family. Daryl and Eric Stern have built an exceptional practice that truly reflects our values and value proposition,” she said. “Their outstanding expertise further strengthens our presence in Arizona, and we look forward to achieving new successes together and delivering even greater value to the clients we serve."
Giordano, Halleran & Ciesla was legal counsel for World Insurance, with Reagan Consulting advising on the transaction. Stern was advised by Satin and Lee Law P.C. and MidCap Advisors. No other advisors, diligence firms or legal counsel were disclosed.