Ironshore Inc. hopes an acquisition of Wright & Co. will provide a platform to utilize its direct marketing skills, back-office technology platform and 50 states licensing to grow the venture to have a platform. Wright & Co. is a program administrator that arranges and administers professional liability and employee benefits coverages for U.S. government employees, with a particular focus on law enforcement personnel, such as employees of the FBI.
Ironshore’s wholly owned subsidiary, Ironshore Holdings (U.S.) Inc., and Rockwood Programs Holdings Inc., entered into an agreement with Special Agents Mutual Benefit Association to acquire all of the issued and outstanding capital shares of Wright & Co.
Ironshore will be the majority shareholder of Wright & Co., and will appoint a majority of Wright & Co.’s Board of Directors, including the chairman. It is anticipated that one or more insurance company subsidiaries of Ironshore will underwrite the professional liability coverage administered by Wright & Co., while personal umbrella lines, life, health, dental and disability insurance coverages will continue to be provided by third-party insurance companies. Rockwood Programs will provide certain services and manage the daily operations of Wright & Co., under the leadership of Glenn Clark, CPCU, Wright & Co.’s president.
“Our team is thrilled to be partnering with Ironshore,” says Clark. “We know their management well and share their rock solid commitment to profitable growth.”
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