Auto Coverage Is Expanded
A new deal from Open Lending Inc. will allow it to become the insurance provider for a program that provides default insurance coverage for credit union auto loans.
The agreement is between AmTrust Financial Services Inc. and the Austin, Texas-based Opening Lending, 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 CUs approve auto loans for members who do not meet their typical underwriting standards.