State National Companies, the nation's leading provider of Collateral Protection Insurance (CPI) programs, announced that it has extended its contract with CUNA Mutual Group to offer CPI in the credit union marketplace. This represents the second renewal of the alliance contract since the two companies first joined forces in 2009. The new contract period is July 2015 through July 2018.
"Since the beginning, the alliance between State National and CUNA Mutual brought together the strength of two leading and respected companies," said Terry Ledbetter, President, State National Companies. "We provide our experience and specialization in CPI as well as the resources to deliver the best CPI program in the industry. CUNA Mutual brings a long history of commitment to the credit union movement and a deep understanding of the needs of credit unions. It's a good fit."
The extended contract positions State National for continued growth as a leading provider of CPI. The alliance combines the expertise of the two companies to allow credit unions to expand their lending portfolios, while appropriately managing risk and maintaining positive member experiences.
State National Companies has been in business since 1973. As the nation's only specialist in CPI, State National has been the innovator of industry processes and best practices in collateral protection. Its insurance tracking system, InsurTrak, has set the industry standard for technology used in managing CPI programs.
With lending clients in 49 states, State National writes over $820 million in premium annually across its Lender Services and Program Services divisions.