Open Lending Signs Agreement with American National Affiliates

Rhea-AI Summary

Open Lending Corporation (NASDAQ: LPRO) has partnered with American National to provide credit default insurance for its Lenders Protection Program. The agreement marks the addition of a third insurance carrier, enhancing the company's offerings in the market. American National boasts an 'Excellent' financial rating (A by A.M. Best), which complements its national coverage and reputation. CEO John Flynn expressed optimism about growth prospects, believing the arrangement will bolster existing relationships and facilitate expansion to more financial institutions.

Positive

• Partnership with American National adds a third insurance carrier, enhancing the Lenders Protection Program.
• American National has an 'Excellent' financial rating (A by A.M. Best), ensuring reliability.
• The agreement positions Open Lending for continued growth and expansion of services.

Negative

• None.

American National will be the Company’s Third Insurance Carrier Partner

AUSTIN, Texas, June 24, 2021 (GLOBE NEWSWIRE) -- Open Lending Corporation (NASDAQ: LPRO) (“Open Lending and Affiliates” or “the Company”), a leading provider of lending enablement and risk analytics solutions to financial institutions, today announced that the Company has signed a Producer Agreement with American National Lloyds Insurance Company and ANPAC Louisiana Insurance Company, both affiliates of American National Group, Inc. (together, “American National”), enabling both companies to be additional providers of credit default insurance policies for Open Lending’s Lenders Protection Program.

“Adding a third insurance carrier has been an important initiative for us, so we are thrilled to be able to announce American National as our newest insurance carrier partner today. With American National’s “Excellent” financial rating (both companies rated A by A.M. Best), combined national coverage, and outstanding reputation, we feel that they will be a great fit for our Lenders Protection Program,” said John Flynn, Chairman and CEO of Open Lending. “We believe that there is more than enough volume to support additional insurance carriers while continuing to deepen our valued relationships with our existing carriers. The execution of this key strategic initiative positions our Company for continued growth,” said Flynn.

“We have been impressed by the Open Lending team throughout this process, and we are excited to get started,” said Jim Pangburn, Executive Vice President – Specialty Markets Sales and Marketing, American National. “We believe the Lenders Protection Program is a very unique offering in the marketplace, and we look forward to helping Open Lending further expand the program to more credit unions, banks and OEMs.”

About Open Lending

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years we have been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans. For more information, please visit www.openlending.com.

About American National

American National Group, Inc. is the parent company of the American National companies, which include American National Insurance Company and its insurance affiliates (collectively, “American National”). American National offers a broad portfolio of products and services, which include life insurance, annuities, property and casualty insurance for personal lines, agribusiness and certain commercial exposures, health insurance, credit insurance and pension products. The American National companies operate in all 50 states.

For corporate and investor relations information, please visit the website of American National at www.AmericanNational.com.

Contact:
ICR for Open Lending
Investors
openlending@icrinc.com

FAQ

What is the significance of Open Lending's partnership with American National?

The partnership enhances Open Lending's Lenders Protection Program by adding a third insurance carrier, which is expected to support growth and expand service offerings.

How does American National's financial rating impact Open Lending?

American National holds an 'Excellent' rating (A by A.M. Best), which boosts confidence in the partnership and the stability of the insurance products offered.

When was the partnership between Open Lending and American National announced?

The partnership was announced on June 24, 2021.

What are the key benefits of the Lenders Protection Program for financial institutions?

The Lenders Protection Program offers credit default insurance, enabling financial institutions to say 'yes' to more automotive loans while managing risk effectively.