Author Archives: Editor

Start-up WePredict Aims to Free up Billions in Auto Industry Warranty Reserves Through Unique Analytics Solution

Analytics start-up WePredict aims to free up potentially billions in auto industry warranty reserves through a unique analytics solution providing manufacturers and suppliers the opportunity to stabilize and mitigate risks they have in their warranty reserves today. The company recently completed a new funding round led by Munich Re / HSB Ventures. Existing investors Breed Reply and the Development Bank of Wales provided additional funding.

Full Release:  http://www.businesswire.com/news/home/20171031005454/en/Start-up-WePredict-Aims-Free-Billions-Auto-Industry

Amazon seeks staff in European insurance push (product insurance division)

Amazon.com Inc. is expanding its nascent European product insurance business, according to recent job adverts.

Article:  http://www.reuters.com/article/us-amazon-insurance/amazon-seeks-staff-in-european-insurance-push-idUSKBN1DA22J

AmTrust Financial Services and Madison Dearborn Partners Enter Into Strategic Transaction

AmTrust Financial Services and Madison Dearborn Partners Enter Into Strategic Transaction for a Portion of AmTrust’s U.S. Fee Businesses with a Total Enterprise Value of $1.15 billion.

Full Release:  https://globenewswire.com/news-release/2017/11/06/1175411/0/en/AmTrust-Financial-Services-and-Madison-Dearborn-Partners-Enter-Into-Strategic-Transaction-for-a-Portion-of-AmTrust-s-U-S-Fee-Businesses-with-a-Total-Enterprise-Value-of-1-15-billio.html

—————————-

A.M. Best Places Credit Ratings of AmTrust Financial Services, Inc. and Its Subsidiaries Under Review With Negative Implications.

Full Release:  http://www.businesswire.com/news/home/20171106006579/en/A.M.-Places-Credit-Ratings-AmTrust-Financial-Services

 

Craig Robinson Named President of American Auto Guardian, Inc. (“AAGI”)

Schaumburg, IL – American Auto Guardian, Inc. (“AAGI”) is pleased to announce that Craig Robinson has joined the company as President. Tim Brugh will move into the CEO position, and lead AAGI’s continued growth in all aspects of the automobile industry.

Release:  https://www.aagi.com/media/17143222/craig-robinson-named-aagi-president-november-2017.pdf

EasyCare Launches RV Appearance Protection Benefit

EasyCare announced the launch of RV Appearance Protection, a multifaceted benefit designed to protect interiors and exteriors, of new and used recreational vehicles, from unexpected costs due to environmental damage like weather-induced fading, stains and odors.

Release:  https://globenewswire.com/news-release/2017/11/08/1178158/0/en/EasyCare-Launches-RV-Appearance-Protection-Benefit.html

GM’s New Protection Plan Business

Great article from David Sulfridge on General Motors path back into the Vehicle Service Contract and Protection Plan business.

Full Article:  https://www.linkedin.com/pulse/gms-new-protection-plan-business-david-sulfridge-are-arc/

PCMI Named to “20 Most Promising Automotive Technology Solution Providers 2017” by CIOReview

PCMI’s administration software, Policy Claim and Reporting Solutions (PCRS), automates the full lifecycle of all aftermarket products.

Full Article:  http://www.pcmicorp.com/2017/10/pcmi-20-automotive-technology-cioreview/

Assurant to Acquire The Warranty Group in Transaction Valued at $2.5 Billion

The transaction values The Warranty Group at $1.9 billion in equity value, or $2.5 billion of enterprise value, including their existing debt.

Full Release: https://www.assurant.com/NewsRoom/AllNews/NewsReleases/2017/October/assurant-to-acquire-the-warranty-group-in-transaction-valued-at-$2.5-billion

The deal is expected to yield $60m in  pre-tax operating synergies.  View Assurant’s presentation on the deal breakdown:  http://s1.q4cdn.com/131015182/files/doc_presentations/2017/Assurant’s-Acquisition-of-The-Warranty-Group-Presentation.pdf

CarMD and CARCHEX Announce Strategic Partnership

CarMD, a leading provider of automotive diagnostic information, and CARCHEX, the industry-leading provider of direct-to-consumer Vehicle Protection Plans, today announced a strategic partnership to provide CarMD customers with additional means to reduce unforeseen car repair costs.

Full Release:  https://www.prnewswire.com/news-releases/carmd-and-carchex-announce-strategic-partnership-300539274.html