Open Lending, the parent company of Lenders Protection, has entered into an agreement with the insurance carriers AmTrust Financial Services, 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 senior vice president Jerome Breslin said that 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 president John Flynn said that the new relationship with AmTrust enables Open Lending to restore the value proposition back to Lenders Protection to 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,” Flynn said.