Loan Protector has been serving the mortgage servicing industry with lender-placed insurance and insurance tracking services since more than 40 years
Loan Protector to be acquired by Brown & Brown. (Credit: Pixabay/ Pete Linforth)
Brown & Brown has agreed to acquire the assets of Ohio-based LP Insurance Services (Loan Protector) from the latter’s owners for an undisclosed price.
Loan Protector has been catering to the mortgage servicing industry with lender-placed insurance and insurance tracking services since more than four decades.
Post-acquisition, the company will continue to operate from its Cleveland headquarters led by its current co-owner Dennis Swit.
The company was formerly a unit of Willis Towers Watson and was acquired by LP Insurance Services in January 2018.
Loan Protector co-owner comments on joining Brown & Brown
Dennis Swit said: “Joining Loan Protector and Proctor will create a company with three service locations, will provide professional growth opportunities for our teammates and will allow us to better serve our client partners. We are excited for the opportunity for our new and existing customers to benefit from the extensive knowledge and experience our combined teams bring to the market.”
The acquisition, which is subject to certain closing conditions, is likely to be wrapped up in April 2020.
Brown & Brown national programmes president Chris Walker said: “Dennis and the Loan Protector team are recognized industry leaders in the lender placed insurance space. Mike Cox and our Proctor Financial team have long held a healthy respect for Loan Protector as a high quality and capable competitor in the marketplace.
“We believe that adding Loan Protector’s capabilities with our solutions will benefit our collective customers. We are excited to have the experience and customer focus of the Loan Protector team join Brown & Brown.”
Based in Florida, Brown & Brown is an insurance brokerage firm, which offers risk management solutions to businesses and individuals.
Earlier this month, the company through its subsidiary Brown & Brown of Kentucky acquired substantially all of the assets of Northeast Dealer Consultants (NEDC). The acquired business serves its dealer clients with finance and insurance performance and compliance management in New York and neighbouring states.