Tag Archive | "reinsurance"

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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New Portfolio Edge Program Reinsures Service Drive Warranties


Lake Forest, Calif. – Portfolio, one of the nation’s leading reinsurance program managers for automotive dealers, has launched Portfolio Edge, a program to extend coverage on the manufacturer’s parts and labor warranties for repairs in dealership service drives, and then reinsure the extended coverage contracts to the dealer’s Affiliated Reinsurance Company.

Portfolio Edge comes with two options for the dealership: a limited warranty that is included in the customer’s payment of the repair order, or a service contract covering the repair paid for separately by the customer. The coverage can be extended for 1-4 additional years not to exceed 5 years total coverage. All consumer documents will be generated electronically.

“With reinsurance being a vital part of most dealers’ business strategy, we have recently been asked for a service drive product that can be reinsured,” observed Steve Burke, Chief Executive of Sales. “We believe this is the first program of its kind to meet that dealer need. Plus it boosts wholesale parts sales and helps with customer satisfaction and retention.”

To achieve a seamless technology solution for the dealership, Portfolio partnered with PartShield, which created a similar extended warranty program for OEMs such as Ford Motor Company. PartShield developed a Portfolio private labeled website and will assist in implementing this technology in the dealership. The website facilitates the sale and distribution of the Portfolio Edge product for the consumer documents (electronic contract) and determines part eligibilities. The website integrates with most major DMS providers to more easily install the program in the service department.

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Turks and Caicos Regulator Engages Leading Reinsurance Industry Professionals


The Turks and Caicos Islands Financial Services Commission (“Commission”) met today with 20 leading reinsurance experts to elicit their views on proposed improvements to the Islands’ regulatory regime and explore how TCI may remain the domicile of choice of producer affiliated reinsurance companies. Turks and Caicos (“TCI”) regulates several thousand such companies, which pay tax in the United States and participate in closely regulated insurance programs that protect U.S. consumers.

The three-hour session, jointly organized with local professionals, took place on the island of Providenciales, and covered avenues for growth, a more efficient licensing procedure, improved due diligence standards, enhanced service levels, consumer protection and the financial strength of administrators and direct writers who underwrite the programs. A commitment was also reached to form a joint working group that will continue and expand upon the progress made at the meeting.

Niguel Streete, the Commission’s Managing Director and host of the meeting said “The Commission is committed to and passionate about the success of the Turks and Caicos Islands as a niche market for Producer Owned Reinsurance Companies. This success is achieved through continued engagement with the industry to ensure the highest standard of service and appropriate regulation to protect the reputation of the jurisdiction and the ultimate customers of these reinsurance companies. Today’s meeting is a reflection of this engagement.”

Attendees expressed their approval of the transparent, consultative approach taken by the Commission and voiced their desire to work cooperatively with the regulator to strengthen the domicile.

Following the meeting, Greg Petrowski of GPW and Associates stated he was confident that the good working relationship the industry enjoys with the Commission will continue to improve.

SouthwestRe CEO Jim Smith commented that it was the most productive meeting with a TCI regulator that he has attended, and went on to add that he was both impressed with and appreciative of the attitude expressed by the new FSC Managing Director, Niguel Streete and his team in working with the industry.

Diane Barone of Century Automotive Service Corp. stated “My clients recognize TCI as an excellent place to form their reinsurance companies. My confidence in the domicile was bolstered by this meeting.”

Robert Fox of Buckeye Dealership Consulting added, “The Commission is sending the right message to our industry. I welcome their prudent and serious approach to regulation which serves my clients well.”

Reinsurance Associates’ Mark Genova remarked “I was encouraged by the collaborative proposals of the Commission, and look forward to continuing our long-standing relationship with TCI.”

The Commission and industry representatives agreed to meet again within a year to revisit the matters discussed at the meeting and consider new initiatives arising from the efforts of the joint working group.

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EFG Companies Pushes the Industry Again with Technology Innovation


DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today launched Parts Wizard, a new technology platform that reduces dealer reinsurance exposure, streamlines claims administration and increases customer satisfaction. For more information about EFG’s claims administration, visit: http://bit.ly/EFGAdmin

EFG’s Parts Wizard automates the manual process of sourcing OEM, aftermarket, remanufacturered, and used parts for vehicle repairs. In addition, sourcing parts through the Parts Wizard enables dealerships to reduce future claims risk with a longer warranty than the standard OEM parts provided by the manufacturer.

All parts sourced through the Parts Wizard, come with an “end of contract” warranty covering the deductible, labor and cost of replacement parts. If any part sourced through the Parts Wizard malfunctions during the term of a customer’s contract, the cost to repair or replace that part will be completely covered without dipping into reinsurance reserves.

“Considering the number of older vehicles on the road, and the potential for consumers to use neighborhood mechanics, EFG’s Parts Wizard offers dealers a better level of control over how their claims are handled, regardless of the level of service provided to their customers by shops outside of their dealership,” said Ken Overly, Vice President, Operations, EFG Companies.

Traditionally, claims administrators must research vehicle parts with several vendors, on each vendor’s website, before negotiating with a service center. The Parts Wizard is an essential search engine that sources parts from all EFG-approved vendors at once, drastically shortening the time it takes to research parts by up to 30 minutes per claim. In addition, the technology prioritizes results based on availability and price to factor into the decision process.

“The Parts Wizard allows us to better negotiate with service centers outside of dealerships by providing the best price from vendors they likely already use and trust. The service center will either drop their price to match ours, or EFG will purchase the parts directly from the vendors and have them shipped to the shop,” Overly stated.

“At EFG, we always strive to look beyond the curve to provide industry-leading customer service and efficiency for our clients and our contract holders,” said John Pappanastos, President and CEO, EFG Companies. “The Parts Wizard is another example of EFG consistently delivering solutions that the rest of the industry hasn’t seen.”

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