TINTON FALLS, N.J.–World Insurance Associates LLC (WIA), a Top 100 Insurance Brokerage, announced today that it acquired Strovis Holdings, LLC and subsidiaries Strovis Insurance, LLC, Strovis Payroll & HR, Inc. and Strovis Benefits, LLC (collectively “Strovis”) of Georgetown, SC on November 1, 2020. Terms of the transaction were not disclosed.
Strovis, a multifaceted company offering payroll, HR and benefits solutions for businesses as well as an insurance agency providing both personal and commercial coverages, was founded in 1998 in Georgetown, SC. Strovis Payroll & HR offers a full suite of technology and services solutions to assist clients in their payroll and HR functions; Strovis Benefits is a full-service health and benefits advisory firm for small- and medium-sized businesses in the Carolinas; and Strovis Insurance is an independent insurance agency serving clients in the coastal South Carolina region. Strovis operates out of three offices throughout South Carolina.
“Partnering with Strovis allows World to not only strengthen our core P&C and Employee Benefits offerings in the South Carolina region, but also expand our offerings by adding a payroll and HR technology and services component,” states Rich Eknoian, CEO and Co-Founder of WIA. “Providing this new technology product and service offering to our customers will result in a more well-rounded Employee Benefits offering.”
“Strovis always strives to provide its clients with a one-stop shop of possibilities by integrating all of our divisions in order to achieve the best possible outcome,” said Jenna Jordan Squires, Payroll Services President of Strovis. “The opportunity to cross-sell our Payroll and HR products across World’s customer base and the ability to provide higher value services to our current customer base is very exciting for Strovis and we look forward to working alongside the World team.”
Giordano, Halleran & Ciesla provided legal counsel to WIA on the transaction. Connell Foley provided legal counsel to Strovis on the transaction. No other advisors, diligence firms or legal counsel were disclosed.