World Access, one of the US largest travel insurance and assistance providers, a subsidiary of Mondial Assistance, has acquired Jefferson Insurance Company from Allianz Global Risks US. All of the companies are members of Germany’s Allianz Group.
Jefferson is currently “an inactive property and casualty insurer,” the bulletin explained. Plans call for the reactivated Company to “offer products in all 50 states and the District of Columbia. It will begin issuing travel, event ticket and other specialty insurance policies in late 2007.”
The bulletin also indicated that A.M. Best has assigned an “A” (Excellent) rating to the Company.
Jonathan M. Ansell, World Access President and CEO, explained that with the acquisition of Jefferson the Group “will have the facility to directly underwrite the insurance products we have been selling and servicing on behalf of others for 25 years. This fully integrated capability will provide many of our customers with tangible benefits, including greater flexibility in product design and the financial strength of an Allianz company.”
As an inactive insurer, Jefferson currently has no employees. World Access said it “plans to add several new positions at its Richmond, Virginia headquarters to support Jefferson’s operations.”
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Growing Progressive Set to Hire 10,000+ in Claims, IT, Other Roles 
Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases 
Travelers to Open Technology Office in Atlanta 
The Future Is Near for Self-Driving Trucks on US Roads 
