Category Archives: Automotive

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

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

Five Major Trends Surfacing in the U.S. Consumer Service Contract Industry

Warranty Week estimates the U.S. service contract industry generated $40 billion in revenue in 2016 with $17 billion from vehicle service contracts and $23 billion from all other products and devices. Personal Safeguards Group estimates U.S. consumers spent approximately $33.4 billion on new and used vehicle service contracts (at retail prices) in 2016.  The numbers are hard to pin down, in part, because of the different ways contracts are classified and revenues reported. Sellers report revenue from retail sales whereas administrators report revenue from wholesale sales, and insurers report gross written premium. Warranty Week attributes slightly more than half the total volume to ten major players and the balance spread among 140 administrators and 33 admitted insurance companies. Any way you measure it, it’s a big industry, and getting bigger.

Continue reading

Allied Solutions and Interstate National Announce 5 Year Partnership Renewal

Strengthening their longstanding commitment to the credit union community, Interstate National announced that Allied Solutions has renewed their strategic partnership for another five years.

Release:  http://markets.businessinsider.com/news/stocks/Allied-Solutions-and-Interstate-National-Announce-5-Year-Partnership-Renewal-1001739855