SOURCE: GNW-Evergreen Insurance Services

GNW-Evergreen Insurance Services

August 25, 2009 12:54 ET

GNW-Evergreen Insurance Services Acquires Plenary Insurance Services Assets and Employers Direct's Middle Market Renewal Rights

Acquisition Includes Renewal Rights to the Directly Placed Workers Compensation Policies and All of Plenary's Assets Including Offices in Orange County and San Diego, Calif.

LOS ANGELES, CA--(Marketwire - August 25, 2009) - GNW-Evergreen Insurance Services, LLC, (www.gnw-evergreen.com), one of Southern California's largest independent insurance brokerages known for its expertise in both insurance and risk management, announced today that it has signed definitive agreements to acquire the assets of eDirect Insurance Services, Inc., dba Plenary Insurance Services, an employee benefits consulting firm, and the renewal rights for the directly placed workers' compensation insurance policies of Employers Direct Insurance Company (EDIC), both wholly-owned subsidiaries of Employers Direct Corporation (EDC). The terms of the agreement were not disclosed.

"These acquisitions represent a truly extraordinary opportunity for our firm as they bring to us a unique combination of strategic resources, client deliverables, senior leadership and technical expertise not to mention tremendous growth potential," said Andrew Forchelli, partner and chief operating officer for GNW-Evergreen. "Today is a great day for the employees and clients of GNW-Evergreen as this deal clearly reinforces our position as the preeminent, independently owned insurance agency in Southern California."

GNW-Evergreen is acquiring the total assets and resources of Plenary Insurance Services, including its offices in Orange County and San Diego, and its complete client portfolio. Additionally, the renewal rights acquisition gives GNW-Evergreen access to more than 300 existing EDIC clients as well as a significant amount of marketplace and intellectual capital. GNW-Evergreen will be making its proprietary risk assessment and mitigation process available to all EDIC policy holders.

Noting that several of EDIC's former producers and customer service staff have recently joined GNW-Evergreen, James E. Little, President and CEO Employers Direct Insurance Company pointed out, "We believe that service to EDIC policyholders at GNW-Evergreen will not only be continued seamlessly, but will be greatly enhanced by its highly regarded risk management and full account servicing and market placement capabilities. We could not be more pleased with this partnership."

With the addition of Plenary, both GNW-Evergreen's existing clients as well as EDIC's policy holders will have access to a distinctive combination of services that align employee benefits and workers' compensation objectives to help employers control costs and increase the health and productivity of their workforce.

"Healthcare is at the top of our nation's agenda and at the forefront of every employer's mind. At GNW-Evergreen, we are committed to delivering the services and expertise required by employers to maximize their investment and improve employees' health, wellness and productivity," added Forchelli.

Clients will be able to take advantage of complete and comprehensive benefit plan management, enhanced services from leading health care and benefit providers as well as a team of experts that will work hand-in-hand with employers' HR teams to ensure success.

About GNW-Evergreen Insurance Services, LLC

GNW-Evergreen Insurance Services, LLC's unwavering "client-first" approach and financial independence have earned it a reputation as the trusted choice among its more than 5,000 clients. The firm delivers some of the most advanced and effective insurance and risk management solutions available in the industry. GNW-Evergreen offers commercial, professional and management liability insurance, group benefits, industry-specific solutions, and personal insurance including its proprietary "Private Wealth Guard" program. Based in Encino, Calif., the firm was ranked by the Los Angeles Business Journal as Los Angeles County's 16th largest insurance agency in 2008, and the sixth largest agency within the San Fernando Valley by the San Fernando Valley Business Journal. For more information, visit www.gnw-evergreen.com or call 818.257.7400.

About Employers Direct Insurance Company

Employers Direct Insurance Company, Agoura Hills, Calif., is a specialty writer of workers' compensation insurance in California and many western states. Employers Direct claims services have been widely acclaimed for their effectiveness in fighting fraud and abuse, and providing loss prevention services that assist policyholders to create safe and productive work environments. Founded in 2002, Employers Direct takes advantage of the latest technology to provide its agent/broker partners and policyholders with 24/7 access to all policy and claims information via a secure Internet portal. Employers Direct Insurance Company is an indirect subsidiary of Alleghany Corporation (NYSE: Y). Visit Employers Direct online at www.employersdirect.com.

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