A news release issued Thursday afternoon announced that the 100-year-old independent agency headquartered at 4610 Market St. had merged with World Insurance, a New Jersey company that operates 18 offices in eight states.
Trent Cailor, president of Cailor Fleming, and Donald Foley, principal and program specialist, will both join the firm as partners. Terms of the deal were not disclosed.
“We warmly welcome everyone at Cailor Fleming Insurance to the World Insurance family. Their commitment to service, core values, and experience will greatly benefit our organization,” Rich Eknoian, co-founder of World Insurance Associates, said in the release.
“We look forward to joining the World Insurance Associates team,” Cailor said. “With their support, we will be able to continue and expand upon our unparalleled service, wide range of industries and products, and access to the best coverage available.”
Added Foley, “Joining the World family gives us the opportunity to provide a greater breadth of services to our clients.”
Cailor Fleming Insurance serves a variety of clients and industries in commercial lines, personal lines, and employee benefits throughout the United States. An exclusively endorsed member of American Orthotic Prosthetic Association, the agency specializes in insurance for the orthotic and prosthetic industry has national programs for the orthotics and prosthetics, durable medical equipment and medical equipment repair industries.
Before the merger, Cailor Fleming had been affiliated with Keystone Insurers Group Inc., a Pennsylvania firm, for about a decade, they said during a phone interview Tuesday afternoon.
“We felt it was time to find a partner who could help us expand our national programs and the World folks fit that criteria,” Cailor said.
As they sought a partner, they also wanted to stay with an independent insurance agency. Several banks are getting into the insurance business, Foley said. “I don’t know that we wanted to go that route,” he added.
The local office will retain the Cailor Fleming name and all 13 employees will remain, both Cailor and Foley emphasized.
In the news release, World Insurance Associates affirmed it is committed to maintaining the Cailor Fleming’s Mahoning Valley location and providing professional development to the staff.
“Not much is changing,” Foley emphasized.
One way the insurance industry is consolidating is by not making many changes in the acquired companies, he observed. Changes made to create efficiencies often end up depressing morale and reducing performance, thereby making return on investment slower.
Since it was founded in 2012, World Insurance Associates has completed 31 acquisitions and serves customers in Ohio, Pennsylvania, New Jersey, New York, Connecticut, Rhode Island, Maine and Florida.
The company is ranked No. 20 on the list of New Jersey’s 50 Fastest Growing Companies in 2016 and has been named to the 2018 Inc. 5000 list.
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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