World Insurance buys trucking broker

World Insurance Associates LLC on Wednesday said it acquired the business of Oakwood Insurance Agency LLC, dba Insure Big Rig, on Oct. 1, 2023.

Terms of the transaction were not disclosed.

Califon, New Jersey–based Oakwood Insurance Agency, whose transportation division, Insure Big Rig LLC, has been providing trucking insurance to customers since 2011, has eight employees, all of whom will join World Insurance, said a spokeswoman for the broker.

Iselin, New Jersey-based World Insurance is the 28th-largest broker of U.S. business, according to the most recent Business Insurance rankings.