ESI Authorized to do Business in North Carolina

DUBLIN, Ohio – Excess Share Insurance (ESI), a subsidiary of American Share Insurance (ASI) was authorized by the state of North Carolina to provide excess share insurance in the state, starting February 1. ESI’s excess share insurance program provides an additional $250,000 of coverage beyond members’ primary deposit insurance of $100,000. ESI plans to begin marketing its services to credit unions in North Carolina later this year. Nick Damopoulos, in charge of sales and marketing for the company, said, ESI will target its marketing effort, including mailings and telemarketing, to “certain size credit unions since some credit unions aren’t large enough to consider excess share insurance.” Although ESI doesn’t market directly to members, Damopoulos said the company has marketing materials CUs can choose to use to send to their members as a way to spread the word that the CU is offering excess share insurance. ESI currently does business with credit unions in 26 states, including North Carolina. In December 2002, Michigan joined the list of participating states. Damopoulos said First Resource FCU in St. Joseph, Mich. signed up for excess share insurance “within a few days of that happening”.