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.
Married Insurance Brokers Indicted for Allegedly Running $750K Fraud Scheme 
Maine Plane Crash Victims Worked for Luxury Travel Startup Led by Texas Lawyer 
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
Uber Jury Awards $8.5 Million Damages in Sexual Assault Case 
