Open Lending signs agreement with Arch Specialty Insurance Company

Open loan company

Arch Insurance will be the company’s fourth insurance partner

AUSTIN, Texas, May 05, 2022 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the Company”), a leading provider of loan activation and analytics solutions risk management for financial institutions, today announced that the company has signed a program management agreement with Arch Specialty Insurance Company, a member company of Arch Insurance North America (“Arch Insurance”), allowing them to be an additional provider of credit default insurance policies for Open Lending’s Lender Protection Program.

“We are delighted to announce Arch Insurance as our newest insurance partner,” said John Flynn, President and CEO of Open Lending. “Arch Insurance is part of a global business providing superior coverage and service with over 20 years of operating history and strong financial ratings. We believe there is a lot of alignment between our missions and values, and we look forward to growing our business together to insure more auto loans. We believe there is plenty of volume to support additional insurance companies while continuing to deepen our valued relationships with our existing companies.

“We believe the Lender Protection Program is a very unique offering for lenders,” said Emilee Kuhn, executive vice president, Arch Warranty Lender Solutions at Arch Insurance. “We look forward to helping Open Lending further expand its program to credit unions, banks and OEMs across the United States”

About Open Loan

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders across the United States. For more than 20 years, we’ve empowered financial institutions to build profitable auto loan portfolios by saying “yes” to more auto loans. For more information, please visit www.openlending.com.

About Arch Insurance North America www.archinsurance.com

Arch Insurance North America, part of Arch Capital Group Ltd., includes Arch’s insurance business in the United States and Canada. In the United States, business is underwritten by Arch Insurance Company, Arch Specialty Insurance Company, Arch Excess & Surplus Insurance Company and Arch Indemnity Insurance Company. Business in Canada is prepared by Arch Insurance Canada Ltd.

Contact:
ICR for open loans
Investors
openlending@icrinc.com


Source link

Justin D. O'Neill