World Insurance Associates LLC has acquired the business of Abacus Insurance and Financial Services of Irving, Texas, effective April 1. Terms were not disclosed.
Abacus, founded in 2016 by Rafiq Hassan, Abid Hassan, and Shahira Somani, focuses on commercial lines with niches in hotels, motels, and convenience stores, and also provides some personal lines coverage. Ankit Patel became a partner in 2024.
Somani said the company was built on values of respect, honesty, and humility, and that joining World will enable it to offer clients a wider range of products and services.
“These are the core values that Abacus was founded upon, and they fuel our pursuit of excellence in providing consistent, stellar coverage at the most competitive and affordable pricing. We look forward to joining World, and continuing to grow, offering our clients additional products and services,” Somani said.
Earlier this year, World added transportation-sector expertise through its Jan. 1 purchase of Royalty Insurance Services, a Van Nuys, Calif.-based agency specializing in commercial trucking coverage. The move broadened World’s industry footprint beyond hospitality and retail niches served by Abacus.
On March 1, World also acquired Lighthouse Insurance Agency in Madisonville, La., adding personal and commercial lines capabilities – from homeowners and auto to coverage for restaurants, medical offices, engineering firms, contractors, and retail centers – supporting a wider product set for clients in the Gulf region.
Since 2011, World has completed more than 200 acquisitions, a sustained buy-and-build approach that has helped place the firm among the largest US brokerages by revenue and office count.
“On behalf of the World family, I would like to welcome Abacus,” says Rich Eknoian (pictured above), CEO and co-founder of World. “The acquisition of Abacus adds additional depth to World’s Texas operation by introducing a fast-growing specialist in the hotel/motel and convenience store spaces. I know Abacus will continue to be successful.”
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