A financial institution hopes to sell more insurance trustee and agency services.
Wilmington Trust Corp., Wilmington, Del., has hired Bob Bockrath to set up a new insurance products trust administration office in Birmingham, Mich.
The office will help Wilmington Trust sell services such as maintaining custody of insurance policies and collateral documents, servicing insurance-related loans, managing insurance-related loan cash flow, and making payments to investors in insurance-related securitizations.
Wilmington Trust already provides services for group insurance trusts and Triple X securitizations.
Bockrath previously worked in the Troy, Mich., office of LaSalle Global Trust Services, a unit of Bank of America Corp., Charlotte, N.C. Bockrath is bringing along Bob Donaldson and Melissa Marion, who worked with him at LaSalle, according to Wilmington Trust.