World Insurance Associates LLC (“World”), a Top 50 Insurance Brokerage, announced that it acquired the business of Exchange Underwriters, Inc. of Washington, PA on December 1, 2023.
Exchange Underwriters was started by Blair C. Ferguson in 1952 in Canonsburg, PA, and provided personal and commercial lines insurance exclusively in the Washington County area. In 1992, Richard Boyer, the current President, assumed ownership and the agency expanded into the Tri-State Area and throughout the entire United States. In 2014 Community Bank purchased Exchange Underwriters, enabling the agency to broaden its marketing efforts and provide a platform for future growth. In 2018 the agency relocated to Washington, PA and merged with Beynon Insurance Agency to become one of the largest insurance agencies in the Pittsburgh region.
“We are excited about the opportunity to join World Insurance,” says Richard Boyer, President, Exchange Underwriters. “We are committed to providing our clients with the highest level of service and attention, with the same dedicated team of local professionals. As part of World, we can offer our customers additional products and services.”
“On behalf of the World family, I would like to welcome Exchange Underwriters” says Rich Eknoian, CEO and Co-Founder of World. “They have an excellent reputation of providing their clients with exceptional service, and I know they will continue to be successful as part of World.”
Giordano, Halleran & Ciesla provided legal counsel and MarshBerry advised World on the transaction. Luse Gorman and Knox McLaughlin Gornall & Sennett provided legal counsel and Dowling Hales advised Exchange Underwriters on the transaction. No other advisors, diligence firms or legal counsel were disclosed.
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