Tag Archive | "reinsurance"

CNA National Distributed More Than $41M to Dealers in 2017


SCOTTSDALE, Ariz. — CNA National Warranty Corp. (CNAN) returned more than $41 million to dealers across the United States last year through its various participation programs, bringing its inception-to-date total to more than $452 million.

“This marks the third consecutive year that we have paid out more than $40 million to our dealers,” said CNAN President and CEO Joe Becker. “This level of consistency demonstrates the dependability that our dealers expect and deserve from our retro and reinsurance options.”

With CNAN, dealers can choose the participation program that best meets both their business and individual financial goals. The company offers a retro program as well as reinsurance, including controlled foreign corporation (CFC) and noncontrolled foreign corporation (NCFC) structures.

The company’s NCFC, Palo Verde Holdings, is managed by a board of directors made up of dealer shareholders. Since its inception in 1999, it has accrued more than $273 million in assets.

CNAN reinsures warranties, GAP and tire-and-wheel protection in addition to vehicle service contracts. The company has earned multiple awards as “Best Reinsurance Provider” in Auto Dealer Today’s annual Dealers’ Choice Awards, including first-place honors in 2011, 2012, 2013, and 2017.

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Canada’s iA Financial Group Completes Acquisition of SouthwestRe, DAC


ALBUQUERQUE, N.M. and COLUMBUS, Ohio — iA Financial Group (iA) of Canada has finalized its acquisition of Southwest Reinsure Inc. (SouthwestRe) and its insurance arm, Dealers Assurance Co. (DAC), after receiving the necessary regulatory approvals. Both companies will now operate as fully owned subsidiaries of iA.

In September, iA announced it had signed an agreement to acquire SouthwestRe and DAC, with officials saying the purchase would allow the company to expand its footprint in the United States.

“With our solid track record in the extended warranty business in Canada together with the established presence of SouthwestRe [and DAC] in the U.S., we look forward to this new chapter in our U.S. expansion with great anticipation,” said iA American President Mike Stickney.

Founded in 1892, iA is one of the largest life and health insurance companies in Canada as well as one of the largest F&I providers for Canadian auto dealerships.

SouthwestRe was founded in 1985 as a third-party administrator and provider of reinsurance programs. DAC’s roots date back to 1935. It operates as a property and casualty insurance company with offices in Columbus, Ohio, and Dallas. The company primarily serves the automotive, consumer goods and related lending industries.

“Unlike many transactions in our industry, iA has a long-term view of this acquisition and the industry in general,” said Kristen Gruber, who has served as president of DAC since 2014. “With the resources and stability that iA brings to the table, we look forward to becoming one of the premier warranty insurers in the U.S.”

Eddie Eckert, president of SouthwestRe, added: “As you might imagine, this is an important moment for our entire organization. For the past 32 years, we have worked very hard to earn the patronage of each and every individual who has done business with SouthwestRe. Come what may, that will never change. If anything, we will work that much harder to win your business.”

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CNA National Welcomes New VP of Reinsurance


SCOTTSDALE, Ariz.—CNA National Warranty Corporation is pleased to announce that Rob Hehr has joined the company in the newly established position of vice president of reinsurance effective November 13.

“With a wealth of experience in both the insurance and automotive industries, Rob has the expertise needed to effectively direct our reinsurance programs in support of our strategic objectives,” says Joe Becker, president and chief executive officer.

Hehr has over 25 years of experience, including more than a decade in executive-level roles. For the past seven years, he served as a vice president with Gulf States Financial Services/GSFSGroup, where he oversaw the risk management, underwriting and product development departments as well as sales. Hehr has also worked for United States Warranty Corporation and Progressive Insurance. He holds a bachelor’s degree in athletic administration and physical education from Ohio University.

“I’m honored to join CNA National, the true leader in our industry” says Hehr. “Having competed against CNAN for years, I’m well aware of the company’s commitment to the highest level of customer service, as well its many awards as a top reinsurance provider.  I look forward to contributing to future successes within this extremely talented organization.”

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AmTrust Names Jackie Banks Vice President of Reinsurance for Special Risk Division


NEW YORK — AmTrust Financial Services Inc. today announced that Jackie Banks, an experienced F&I industry executive, has joined the company as vice president of reinsurance for its Special Risk division. She will be responsible for all aspects of reinsurance for the division, including sales support, training and development of staff, as well as general management responsibilities.

Banks joins AmTrust from Allstate Dealer Services, where she served as vice president of reinsurance sales and strategy. In that role, she directed all sales, training, and business development efforts related to reinsurance and other client participation programs.

“We are very excited to welcome Jackie to our team at AmTrust,” said Stuart Hollander, president of the AmTrust Special Risk Division. “Not only will she bring a tighter focus and expertise to our reinsurance activities, she will also be a great role model for all our employees and clients who come into contact with her.”

Banks added: “I am thrilled to be part of the AmTrust team. My entire career after earning my CPA designation has been spent in the industry, and I look forward to continuing that tradition by providing best-in-class solutions to AmTrust’s current and future clients.”

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National Auto Care names Steve Verney as Chief Financial Officer


WESTERVILLE, Ohio – National Auto Care today announced the appointment of Steve Verney as the company’s Chief Financial Officer, leading the finance, accounting and reinsurance teams. In this new role, he will work to help National Auto Care amplify its recent profitable growth and build an even stronger foundation for the next level of success.

Steve retired from Allstate Insurance in 2015 after a distinguished 34-year career. He held multiple senior- level roles in Finance and Risk Management, including CFO of both property-casualty and life divisions, Treasurer, and head of strategy and M&A. He completed his career at Allstate as Executive Vice President and Chief Risk Officer. In each of these roles, he helped improve growth, profitability and financial strength as well as drive transformative change while developing strong financial talent and organizations.

“I am thrilled to join National Auto Care as we work together to build on the great work the team has done to achieve even greater success for our agents, employees, business partners and ultimately our shareholders,” said Verney.

“Steve’s strong qualifications and strategic mindset make him the perfect fit to take our financial management to the next level,” said CEO Tony Wanderon. “With his expertise in all facets of financial operations, insurance and M&A, Steve brings a balanced ability to develop and execute strategies that will drive growth and competitive advantage for the company on a national level.”

Steve earned his bachelor’s degree and MBA from the State University of New York at Buffalo. He is a member of the American Institute of Certified Public Accountants and the National Association of Corporate Directors.

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Portfolio Named Endorsed Provider by Wyoming Auto Dealers


LAKE FOREST, Calif. – Portfolio one of the nation’s leading reinsurance program managers for automotive dealers, has entered into an agreement with the Wyoming Automobile Dealers Association (WADA) to bring reinsurance profit participation and retrospective commission programs to the association and its dealers who sell Portfolio F&I products.

Former WADA President, Chuck Ruwart, who provided leadership in the agreement, observed, “Portfolio brings a true dealer-centered approach to the vital F&I profit center, so we believe they are a great fit with our organization. They were very creative in creating a win-win for both all our members and the association, so we endorse them to our members.”

Details of the agreement were not released, but the program is designed to provide reinsurance profit participation benefits to any WADA dealer who chooses to sell Portfolio products, regardless of their size.

Association Executive Vice-President Marsha Allen added, “Portfolio offers more products to our dealers than they previously had access to, and has created an annual bonus plan for our smaller dealers who sell them. Our larger dealers will have access to the same products plus Portfolio’s superb reinsurance management services. There are more profits here for everyone, and more vehicle protection options for our dealers’ customers.”

“We thank everyone we worked with in Wyoming, both in the Association and our dealer supporters,” said Graye Wolfe, Portfolio’s Managing Director. “I am confident that our local team of Fred Flores and Wendy Phillips of FITS Services, supported by our Reinsurance Specialist, Lance Young, will deliver great service and value to all the participating dealerships.”

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