Contact Information: For more information, contact: Rob Mancuso SVP Corporate Communications 312.356.2320
Virginia Surety Announces Underwriting and Actuarial Services Agreement With Preferred Warranties
| Source: The Warranty Group, Inc.
CHICAGO, IL--(Marketwire - November 19, 2009) - Virginia Surety Company, Inc., a unit of The
Warranty Group, Inc., today announced an agreement with Preferred
Warranties, Inc. (PWI), to provide underwriting and actuarial services for
their automotive and powersport extended service plans.
"Virginia Surety Company selectively targets third party administrators,
and we are excited about our partnership with Preferred Warranties," said
Mike Frosch, Senior Vice President. "We look forward to deploying our 45
years of experience and deep resources to grow and expand PWI's unique
distribution model."
"PWI remains committed to protecting the dealer's image by providing
outstanding customer service, while we embrace change in other areas --
like our increasing focus on helping dealers build a profitable F&I revenue
source. This underwriting agreement is another positive development
that positions us for continued growth. We believe that combining PWI's
expertise in contract administration and sales consulting with the strength
of an A- rated carrier like Virginia Surety Company, Inc., is a formula for
success," according to Wayne Herring, Sr., President/CEO.
Both PWI and Virginia Surety maintain a strong focus on providing
innovative customer solutions with industry-leading service levels.
About The Warranty Group
The Warranty Group is the world's premier provider of extended service
plans and related benefits, with operations in 36 countries and 2100
employees. By providing underwriting, claims administration, compliance and
marketing expertise, The Warranty Group is a single-source solution for
manufacturers, distributors and retailers of consumer goods including
autos, homes, consumer electronics, furniture and appliances as well as
financial institutions and the travel/leisure industry.
www.thewarrantygroup.com
About Preferred Warranties, Inc.
Established in 1992, Preferred Warranties, Inc., offers a complete range of
mechanical protection plans for vehicles from 0 to 150,000 miles,
plus related automotive and financing products. Their team of 30
professional sales consultants brings value to dealers in 16 states by
increasing F&I profits for independents, meeting the unique needs of former
franchise stores entering the independent market, and carving a niche in
franchise operations by boosting profits on 60,000+ mile vehicles.
www.warrantys.com