Employers Re Acquires CyberComp

March 30, 2001

Employers Reinsurance Corp., a GE company, has acquired and reactivated CyberComp, an online system that quotes and binds workers’ compensation policies, through its subsidiary Westport Insurance Corporation.

Prior to the acquisition, CyberComp was an operating unit of Reliance Insurance Company. Twenty-five key CyberComp employees strategically located in six offices, will join ERC. CyberComp’s headquarters are located in Lawrenceville, N.J.

Through the newly branded “GE CyberComp” online system, Westport will accept new business and consider renewal of existing business, but is not assuming any existing policies or liabilities. Financial terms of the transaction were not disclosed. CyberComp is a leading provider of workers’ compensation for businesses of one to 100 employees and is available from appointed insurance agents through its secure web site.

CyberComp allows appointed CyberComp agents to conduct business entirely online, including:

Submitting an application for workers’ compensation insurance;

Receiving a quote in less than 10 minutes;

Editing a new business quote or updating a renewal quote.

Binding insurance coverage online CyberComp’s ease of use and less than 10-minute turnaround of quotes enhances a producer’s ability to effectively compete without the growing expenses associated with the traditional insurance transaction.

CyberComp was established in 1996, and since then in excess of 25,000 policies have been written and supported entirely on-line through the CyberComp system.

“This acquisition reinforces ERC’s commitment to leadership in using e-business to make transactions easier,” said Louis Parker, President and CEO of ERC Commercial Insurance. “CyberComp is a great fit and broadens our service offerings for our customers.” ERC and CyberComp will target insurance agents who recognize the value of conducting insurance transactions online. The URL transfer to GE ERC has been initiated, and the CyberComp web site will be rebranded shortly.

Topics Mergers Workers' Compensation Commercial Lines Business Insurance

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