CB Financial sells insurance unit to World Insurance

Insurance broker World Insurance Associates is purchasing Exchange Underwriters, the personal and commercial insurance agency of CB Financial, the holding company for Pennsylvania-based Community Bank.

World Insurance will pay $30.5 million in cash plus possible additional revenue-based earn-out payments.

For the year ended December 31, 2022, Exchange Underwriters had total revenue of $6 million.

The transaction is subject to customary closing conditions.