Open Lending, Inc., the parent company of Lenders Protection, announces an agreement with the insurance carriers of AmTrust Financial Services, Inc. to become the insurance provider for the Lenders Protection program. The program combines a risk management tool with default insurance coverage to allow credit unions to safely price and approve more near/non prime automobile loans. AmTrust is a multi-national, specialty property & casualty insurer with over $3 billion in assets. With a rating of “A” (Excellent) by A.M. Best, the AmTrust Group of insurance carriers provides the Lenders Protection program with the financial strength expected by credit unions in their long-term relationships.
“We are excited to have the opportunity to join forces with Open Lending to re-introduce the Lenders Protection program to the credit union market,” stated Jerome Breslin, Senior Vice President at AmTrust. “The financial strength AmTrust brings, coupled with the proprietary knowledge and expertise Open Lending provides, promises to deliver a uniquely valuable service to credit unions.”
Open Lending became the sole owner of Lenders Protection in the fall of 2009. This enabled Open Lending’s management team to focus all of their attention on refining the state-of the-art LendPro technology platform. The insurance underwriting and pricing process has been validated and refined by using Open Lending’s extensive proprietary performance data. This information has been built into Open Lending‘s highly sophisticated interest rate pricing tools, which help ensure that client credit unions achieve the target yields they need.
John Flynn, President of Open Lending, said, “Our new relationship with AmTrust enables us to restore the value proposition back to Lenders Protection so we can again help credit unions increase their auto loan yields and safely grow their vehicle loan portfolios. Open Lending is now in a position to reemerge in the industry and to once again assist credit unions in realizing the full potential of their vehicle lending opportunities.”