BancInsure, an independent insurer specific to financial institution, has entered into a new partnership with a California-based premier specialty insurer, KnightBrook Insurance by signing a letter of intent in a move to strengthen its market position.
The BancInsure Program will issue KnightBrook Insurance policies including BancInsure’s key products designed for financial institutions, where underwriting management and policy services will remain with BancInsure.
The new program also includes directors and officers liability, financial institution bond, kidnap & ransom, excess deposit bond, commercial package policy, and lenders single interest.
BancInsure President and CEO Cara Byrne said that through the new partnership, KnightBrook will provide additional resources and
options to BancInsure’s customers and business partners.
The partnership will also allow BancInsure to provide A-rated paper to the financial institution marketplace.
The program will be launched in the first quarter of 2012.
KnightBrook, headquartered in Los Angeles, is part of the Hankey Group with 1,700 employees and over $1bn in net worth.