Nationwide Insurance has acquired the privately-held program manager E-Risk Services in Flanders, NJ.
E-Risk specializes in management and professional lines products. Terms of the transaction – which was closed January 01, 2019 – were not disclosed.
A company release stated that the acquisition of E-Risk enhances Nationwide’s excess & surplus lines business by expanding its distribution relationships via E-Risk’s wholesale network.
“We’re excited to kick off the new year with a partnership that will further enhance Nationwide’s ability to provide wholesale distribution partners with deeper protection products and more value as they seek to build their business,” said Nationwide property & casualty president and COO Mark Berven.
“Program business, administered through program managers, is a significant and growing portion of the commercial insurance marketplace. 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,” Breven added.
“For the past 10 years, Nationwide has been a phenomenal partner, supporter and catalyst for the exponential growth of our company,” commented E-Risk Services president Paul Tomasi. “This transaction illustrates Nationwide’s level of commitment to our wholesale broker distribution partners and the tens of thousands of current and future policyholders insured through the E-Risk program. We are excited about the tremendous opportunities and possibilities for our company, our customers and our employees as we join the Nationwide family.”