Insurer Nationwide has acquired E-Risk Services, a privately-held, program manager specializing in management lines.
Terms of the purchase agreement between were not disclosed. The transaction closed on January 1, 2019.
E-Risk Services, located in Flanders, N.J., operates as an underwriting management facility and general agency for specialty lines of insurance distributed through a network of wholesale brokers. Through its Business and Management (BAM) package insurance product, it offers various management liability coverages for privately held and non-profit entities, including directors and officers, employment practices liability, fiduciary liability, commercial crime, miscellaneous errors and omissions, and cyber and technology liability coverages.
Since its original founding in 1998, E-Risk has developed technologies to streamline the insurance process from online application and rating capabilities to API integration to data management.
Nationwide says the E-Risk platform and products will enhance its own excess and surplus lines offerings for small and medium-sized business owners and its focus on growing in both management lines and the program business space.
“Program business, administered through program managers, is a significant and growing portion of the commercial insurance marketplace,” said Mark Berven president and chief operating officer of Nationwide’s property/casualty business. “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 has been a partner of E-Risk Services for the past 10 years, helping it to grow, according to Paul Tomasi, president of E-Risk Services.
Mayer Brown served as the legal advisor for Nationwide in connection with the transaction.
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