SEI Partners with Aon to Offer E & O Insurance to Advisors
Alliance is Latest in Strategic Partnership Program for Advisors.
OAKS, Pa., Sept. 11 /PRNewswire-FirstCall/ -- SEI (Nasdaq: SEIC) today announced it has formed a strategic alliance with Aon's Affinity Insurance Services, Inc. (Affinity) to offer Errors & Omissions (E & O) Insurance to participants in its advisory market. The agreement is the latest in the SEI Strategic Partnership Program, which gives SEI's network of more than 6,500 advisors access to a range of services for their businesses and their clients. SEI recently partnered with National Compliance Services, a compliance and regulatory services consulting firm based in Delray Beach, Florida.
"In such a complicated regulatory environment, many advisors wonder if they're sufficiently protected and have adequate coverage," said Kevin Barr, Senior Managing Director, SEI Advisor Network. "Providing advisors access to industry leading risk management professionals like Affinity gives us the confidence that we're offering the best we can for their businesses."
Through the agreement, advisors who work with SEI will have the option to purchase professional liability coverage, which was specifically designed for financial advisors and investment professionals working with SEI. Affinity will be the program administrator, offering a full range of customer services to these advisors.
"We are extremely excited about our new business relationship with SEI," said John Kenny, CPCU, Senior Vice President, Affinity. "The new SEI program allows us to bring our experience in risk management, marketing, administrative services and underwriting to the SEI Advisor Network. Combining our strengths with those of SEI will provide a great opportunity for both organizations, and we look forward to a long and beneficial relationship."
"Not only can E & O insurance help protect advisor firms from potentially devastating financial burdens, it can also provide their clients a better level of comfort, knowing that their advisor has sufficient coverage," said Barr. "After extensive due diligence, it was clear that partnering with Affinity was the right choice for our advisors. This is another step in SEI's support of an advisor's total practice."
The program, which is an optional service for interested advisors, helps protect advisors from a number of industry risks and compliance issues. The agreement also includes customer support, marketing and claims administration, among other provisions.
About the SEI Advisor Network
SEI Advisor Network provides independent advisors with outsourced wealth management platforms that are designed to meet the demands of a new generation of wealthy clients. In an evolving wealth management industry, the group offers an end-to-end process for successfully transforming their clients' businesses in every critical area, including marketing, practice management, investment strategy and client relationship platforms. The SEI Advisor Network is a strategic business unit of SEI. For more information, visit http://www.seic.com/advisors.
About SEI
SEI (Nasdaq: SEIC) is a leading global provider of outsourced asset management, investment processing and investment operations solutions. The company's innovative solutions help corporations, financial institutions, financial advisors, and affluent families create and manage wealth. As of June 30, 2007, through its subsidiaries and partnerships in which the company has a significant interest, SEI administers $407 billion in mutual fund and pooled assets and manages $199 billion in assets. SEI serves clients, conducts or is registered to conduct business and/or operations, from more than 20 offices in over a dozen countries. For more information, visit http://www.seic.com.
About Aon
Affinity Insurance Services, Inc. is a division of Aon Corporation, a company that is comprised of a family of insurance brokerage, consulting and underwriting entities. Affinity Insurance Services has provided professionals like SEI Investment Advisors with exceptional insurance products for over five decades. Recognized as a leader in serving professionals nationwide, Affinity maintains a highly trained and experienced staff dedicated to serving your insurance needs.
Aon Corporation (http://www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 43,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.
Company Contact: Media Contact: Dana Grosser Caralyn Gilotti SEI Braithwaite Communications 610-676-2459 215-564-3200 x112 dgrosser@seic.com cgilotti@braithwaitepr.com
SOURCE SEI
Released September 11, 2007