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Nationwide (Columbus, Ohio) announced that it has acquired E-Risk Services, LLC (Flanders, N.J.) a privately-held, leading program manager, highly specialized in a portfolio of management lines products. In its announcement of the acquisition, Nationwide said that the E-Risk platform and solutions will enhance the insurer’s excess & surplus lines business. Nationwide declined to disclose the terms of the purchase agreement between Nationwide and E-Risk Services, LLC. The transaction closed on January 1, 2019.
“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,” the announcement noted.
Nationwide characterizes the acquisition of E-Risk as providing it with new opportunities for innovation and growth, while increasing both organizations’ ability to serve customers and distribution partners. The insurer’s statement asserted that the 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.
“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,” comments Mark Berven president and COO 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.”
Nationwide characterizes the New Jersey-based E-Risk as 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.
Commitment to Wholesale Broker Distribution Partners
“For the past ten years, Nationwide has been a phenomenal partner, supporter and catalyst for the exponential growth of our company,” comments Paul Tomasi, president, 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.”