Transaction will enhance wholesale distribution capabilities
COLUMBUS, Ohio, Jan. 3, 2019 /PRNewswire/ — Nationwide, one of the largest providers of insurance and financial services products in the U.S., announced today that it has acquired E-Risk Services, LLC, (E-Risk) a privately-held, leading program manager, highly specialized in a distinguished portfolio of management lines products. The E-Risk platform and solutions will enhance Nationwide’s market-leading excess & surplus lines business.
Nationwide’s focus on growing in management lines and growing in the programs space complements E-Risk’s focus as the organizations partner to provide value-added solutions to small and medium-sized business owners.
Partnering with E-Risk provides Nationwide with exciting new opportunities for innovation and growth, while increasing both organizations’ ability to serve customers and distribution partners. This acquisition enhances Nationwide’s distribution relationships and shows the company’s commitment to growing its profitable commercial management lines book through E-Risk’s wholesale network.
More value to the distribution channels
“We’re excited to kick off the new year with a partnership that will further enhance Nationwide’s ability to provide wholesale distribution partners with deeper protection products and more value as they seek to build their business,” said Mark Berven president and chief operating officer of Nationwide’s property & casualty business. “Program business, administered through program managers, is a significant and growing portion of the commercial insurance marketplace. Over the long term, we believe this acquisition will allow us to hold an even greater position in this segment by making it easier for distribution partners to do business with us.”
E-Risk, based in Flanders, NJ, is a leading program manager specializing in management and professional lines products, with a distinguished portfolio of products and clients, as well as systems aligned to make it easy for wholesaler distribution partners to sell. It also has high brand recognition, trusted wholesaler relationships and unparalleled service and technology delivery, providing ease, speed, efficiency, and expertise.
“For the past ten years, Nationwide has been a phenomenal partner, supporter and catalyst for the exponential growth of our company,” said Paul Tomasi, president of E-Risk Services, LLC. “This transaction illustrates Nationwide’s level of commitment to our wholesale broker distribution partners and the tens of thousands of current and future policyholders insured through the E-Risk program. We are excited about the tremendous opportunities and possibilities for our company, our customers and our employees as we join the Nationwide family.”
Terms of the purchase agreement between Nationwide and E-Risk Services, LLC, are not being disclosed. The transaction closed on January 1, 2019.
Mayer Brown served as the legal advisor for Nationwide in connection with the transaction.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
About E-Risk Services, LLC
E-Risk Services, LLC operates as an underwriting management facility and general agency for specialty lines of insurance distributed through a dedicated network of wholesale brokers. The company, through its Business and Management (BAM®) package insurance product offers various types of management liability coverage for privately held and non-profit entities, including directors and officers, employment practices liability, fiduciary liability, commercial crime, miscellaneous errors and omissions, and cyber and technology liability coverages. Since the original founding in 1998, E-Risk has not only specialized in management liability, but has also developed cutting edge technologies, platforms and processes to streamline every component of the insurance process from online application and rating capabilities to API integration to complex data management. E-Risk is located in Flanders, NJ. To learn more, please visit www.eriskservices.com.
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