American insurance and financial services provider Nationwide has acquired E-Risk Services , a New Jersey-based programme manager, to improve its wholesale distribution capabilities.
The acquirer noted that E-Risk platform and solutions will improve its excess and surplus lines business.
Nationwide stated that its focus on growing in management lines and the programmes space matches E-Risk’s focus as the organisations partner to deliver value-added solutions to small and medium-sized business owners.
Along with boosting the capabilities of both companies to serve customers and distribution partners, collaboration with E-Risk will give Nationwide new opportunities for innovation and growth.
Nationwide property and casualty business president and COO Mark Berven said: “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.
“Programme 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.”
The transaction concluded on 1 January 2019. Financial terms of the transaction were not revealed.