Arctic Risk Specialists Acquired by World Insurance Associates
Overview
World Insurance Associates (WIA) has acquired Arctic Risk Specialists (ARS), a Toms River, New Jersey agency that specializes in contractor-related insurance, particularly for snow and ice management firms. The acquisition was effective from June 1, 2026, although the financial terms of the deal remain undisclosed.
Background on ARS
Founded in 2014 by Thomas Nastasi, ARS has established itself in the commercial insurance landscape, catering particularly to businesses that manage snow and ice for commercial properties. Nastasi emphasized the importance of competitive pricing and ensuring clients have the appropriate coverage, stating that joining WIA would enhance ARS’s ability to offer a broader range of products and services.
Comments from Leadership
Rich Eknoian, executive chairman and founder of World, recognized ARS’s strong reputation and noted that the acquisition would enhance their foothold in New Jersey. Legal counsel for the transaction was provided by Giordano, Halleran & Ciesla for WIA, while ARS received guidance from Apex Business Consulting and Agency Brokerage Consultants.
Continued Acquisitions in New Jersey
This acquisition follows several other New Jersey-based deals by WIA, including the acquisition of the Pellechio Family Agency, Clarke Insurance, and MLR in Hammonton earlier this year. In addition to its New Jersey acquisitions, WIA has expanded into the greater Boston market, further solidifying its position in the insurance distribution sector.
According to OPTIS Partners, WIA has completed nine acquisitions in the first quarter of 2026, making it one of the most active buyers in the industry. The firm, backed by private equity investment from Goldman Sachs, is valued at approximately $3.4 billion in total enterprise value.
The Niche of Snow and Ice Management
ARS stands out from WIA’s recent acquisitions due to its focus on snow and ice management, a challenging sector characterized by high liability exposure. The Accredited Snow Contractors Association reports over 30,000 slip-and-fall claims annually against snow contractors, property owners, and property managers.
Contracts in this sector typically require contractors to accept liability, with property owners often deploying indemnification clauses to shift that risk. This reality makes it critical for contractors to have sound coverage and appropriate contractual liability wording.
Implications for the Market
For WIA, the acquisition of ARS brings specialized capabilities that are difficult to replicate in standard agencies. Established carrier relationships in niche markets like contractor classes are limited, making ARS a strategic addition to WIA’s portfolio.
Clients of ARS may benefit from access to a broader range of market options, especially crucial in a field where many standard carriers shy away from snow operation risks. The main challenge will be preserving ARS’s specialized knowledge during its integration into WIA as it continues to expand rapidly.
