North Carolina-based Wachovia Corporation has reached a definitive agreement to acquire certain assets of E-Risk Services, LLC.
Based in New Jersey, E-Risk Services is a Managing General Agency (MGA) providing management liability insurance products for privately held organizations. Insurance coverage is provided through underwriting subsidiaries of ACE USA, rated “A” (Excellent) by A.M. Best and “A+” (Strong) by Standard & Poor’s.
The acquisition will allow Wachovia to market specialty insurance products to the private business sector including: Directors & Officers, Employment Practices Liability, Fiduciary, Crime, Miscellaneous E&O (Errors & Omissions) and Cyber E&O Liability coverage.
“Wachovia’s acquisition of E-Risk will align well with our strategic plan for expanding our insurance business lines and our desire to be a leader in the electronic delivery of insurance products and services,” David de Gorter, president of Wachovia Insurance, said. “It’s also consistent with our Capital Management Group (CMG) wholesale strategy to be the premiere provider of the manufacturing and delivery of products and services to distributors.
“E-Risk is a well-known, innovative company with a suite of insurance products and online distribution capabilities such as an online rating system for brokers to receive instant indications of terms,” de Gorter added. “This purchase will add a new dimension to the products and services currently offered through Wachovia Insurance.”
According to Paul Tomasi, president and founder of E-Risk Services, LLC, “E-Risk has developed comprehensive insurance solutions and products that offer the versatility, simplicity and security today’s businesses are seeking. This acquisition is the next step in our commitment to provide quality insurance products and services to our target client base. We are very excited to be a part of the Wachovia team.”
In January of 2002, E-Risk announced a strategic partnership with ACE USA Professional Risk where ACE utilizes E-Risk Services to market, underwrite and service its private company directors’ and officers’ liability coverage and related products. Wachovia will continue this strategic alliance with ACE and offer the existing suite of E-Risk products on behalf of ACE.
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