Wright Risk Management, LLC and Aquiline Capital Partners LLC Announce the Formation of WRM America Holdings
NEW YORK, November 4, 2008 - Wright Risk Management, LLC, a leading risk financing and insurance management company, and Aquiline Capital Partners LLC (“Aquiline”), a New York based private equity firm investing in financial services, today announced the formation of WRM America Holdings (“WRM America” or “the company”), a specialty lines property and casualty insurance holding company. The company will initially serve the specialized insurance needs of the education market and plans to grow into the not-for-profit and municipal markets nationally. Since WRM currently manages the operations of the New York Schools Insurance Reciprocal (NYSIR), and the New York Municipal Insurance Reciprocal (NYMIR), WRM America will not underwrite public entities in New York State.
WRM America, headquartered in Uniondale, NY, will provide comprehensive education insurance programs to private and public K-12 schools, colleges and universities. WRM America Indemnity, the underwriting subsidiary of the company, has received a financial strength rating of A- (Excellent) from A.M. Best. The company’s insurance programs are designed to eliminate coverage gaps and the inconvenience of obtaining quotes from multiple carriers, enabling school officials to efficiently manage the unique risks associated with the education market including property, general liability, workers compensation, educators legal liability, commercial auto, bonds, fiduciary and excess catastrophe.
Wright Risk Management has become a wholly owned subsidiary of WRM America and will provide WRM America and its other subsidiaries with a full range of services, including underwriting, marketing, administrative, accounting, information technology, risk management, and claims management infrastructure, as well as extending on a national scale the model Wright Risk Management has successfully built in New York State.
William J. Fishlinger founded Wright Risk Management in 1978 and will serve as Chairman and CEO of WRM America. Gerard P. Elicks, President of Wright Risk Management since 2000, will continue in that role. Steven Sims, a 30-year veteran of the insurance industry with extensive national experience in underwriting management for both traditional and alternative risk structures, as well as mergers and acquisitions, will serve as President of WRM America Indemnity.
“WRM America is an opportunity for us to bring our products and services to specialty markets throughout the United States through a network of brokers and agents,” said Mr. Fishlinger. “We believe that our risk financing, underwriting, claims management and risk management methodologies--which have been highly effective and successful with the insurance vehicles we currently manage--will be well received by the broader American educational community.”
“WRM America’s management team brings unparalleled experience in the unique risks facing the education and municipal markets. The company is well positioned to take advantage of the growing need for tailored risk management solutions,” said Jeff Greenberg, chief executive of Aquiline. “Aquiline is excited to be partnering with Wright Risk Management to expand its franchise throughout the rest of the United States.”
About WRM America Holdings
WRM America Holdings is a specialty lines property and casualty insurance holding company headquartered in Uniondale, NY. WRM America Indemnity will underwrite insurance risks initially for the educational market with plans to grow into the not-for-profit and municipal markets nationally. For more information about WRM America, visit www.wrmamerica.com.
About Wright Risk Management, LLC
Wright Risk Management was founded in 1978 and is a leading risk financing and insurance management company. Wright Risk Management has continuously managed two public-sector-owned insurance companies formed as reciprocals, New York Schools Insurance Reciprocal (“NYSIR”), formed in 1989, and New York Municipal Insurance Reciprocal (“NYMIR”), formed in 1993. Wright Risk Management will continue to manage these A.M. Best A and A- rated insurance reciprocals by providing underwriting, marketing, claims and risk management, information technology, statutory accounting, and all administrative services.
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing in financial services enterprises in industries such as property and casualty insurance, specialty finance, securities, asset management, life insurance, and transaction processing. Aquiline seeks to add value to its portfolio companies through strategic, operational, and financial guidance.