AMERICAN MODERN INSURANCE GROUP
ANNOUNCES EXIT FROM LENDER MARKET
February 23, 2016. American Modern Insurance Group announced yesterday that it will be exiting the lender-placed insurance (LPI) business and shutting down the division over the course of the next 15 to 24 months to focus on other lines. The division provides the banking and lending industries with insurance products and services, including:
- Mortgage hazard insurance
- Mortgage impairment
- Blanket mortgage hazard
- Flood insurance
- Collateral protection insurance — CPI
- Lenders single interest — LSI
- Insurance and loan tracking
The exit of such a large, long-time, participant in the lender products marketplace will certainly have a lasting impact on the industry. It will also leave a void in the marketplace that can only be filled with the participation of stable and experienced agents and carriers.
Our agency has been serving lenders in these specific lines of coverage for 35 years. We represent multiple “A” rated carriers who have shown a long term commitment to this highly specialized market. Together, we bring the depth of experience and the diversity of products that can help fill the void left by American Modern’s departure.
While American Modern has not been one of the carriers we have worked with directly over the years, the company has been a positive influence in the marketplace and continues to maintain an A+ (Superior) rating with A.M. Best. The company is made up of employees, many of whom are our friends, and our thoughts and best wishes go out to all of these good folks.
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