Open Lending Inc. has inked a deal with AmTrust Financial Services Inc. to become the insurance provider for a program that provides default insurance coverage for credit union auto loans.
The Austin, Texas-based Opening Lending is the parent company of Lenders Protection, a program that combines a risk management tool with default insurance coverage to allow credit unions to price and approve near- and non-prime auto loans. Open Lending will be the insurance provider for the program through an alliance with the insurance carriers of AmTrust, a New York-based specialty property and casualty insurer with more than $3 billion in assets.
Open Lending became the sole owner of Lenders Protection in the fall of 2009, according to the firm. Founded in 2000, the company provides web-based pricing and technology that helps credit unions approve auto loans for members who do not meet their typical underwriting standards.
