Arch Insurance has signed a program management agreement with Open Lending.
A joint statement from the two firms said that the agreement would allow Arch Insurance to be an additional provider of credit default insurance policies for Open Lending’s Lenders Protection Program.
Emilee Kuhn, executive vice president for Arch Warranty Lender Solutions at Arch Insurance, said: “We believe the Lenders Protection Program is a very unique offering for lenders. We look forward to helping Open Lending further expand their program to credit unions, banks and OEMs across the U.S.”
John Flynn, chairman and CEO of Open Landing, said that the firm was excited to announce that it had brought Arch insurance on as its newest insurance carrier partner.
He added: “Arch Insurance is part of a global enterprise offering 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 are looking forward to growing our businesses together to insure more auto loans. We believe that there is plenty of volume to support additional insurance carriers while continuing to deepen our valued relationships with our existing carriers.”
According to Open Lending, it provides loan analytics, risk-based pricing, risk modelling, and default insurance to auto lenders throughout the United States.
