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CONTACT: Marie Rider, 860.674.2309; mrider@insurbanc.com

Insurance Lending Expertise Makes Win-Win Deal Possible

Farmington, Conn. (March 5, 2018) — InsurBanc, the leading bank for the insurance distribution industry, recently financed the management buyout of Loan Protector Insurance Services, Solon, Ohio.

Dennis Swit, Loan Protector’s managing partner and CEO, purchased the 150-employee business from Willis Towers Watson, a global insurance brokerage firm that acquired Loan Protector in 2008. Swit will continue as CEO, and the company will continue to operate under the Loan Protector brand.

“Dennis approached us about the possibility of funding the management buyout,” said Robert Pettinicchi, InsurBanc chief lending officer. “InsurBanc’s advantage is deep knowledge of the insurance distribution industry and the ability to see an opportunity that other lenders could not fully understand. Drawing on InsurBanc’s years of experience with insurance acquisitions, we put together a comprehensive financing package that allowed Dennis to purchase the business he worked so hard to build.”

Swit positioned Loan Protector into an industry leader in lender-placed insurance and insurance tracking services for the mortgage servicing industry. Once given the opportunity to purchase the business, he approached multiple lending sources but only InsurBanc delivered a deal and structure that worked to get the deal done.

Swit now has full control and the flexibility to grow his company and make investments to benefit him and his stakeholders. He anticipates investing in new technology, including software and a web-based call center, as well as making some acquisitions in the future.

“Our focus has always been providing capital for those agency owners with vision who will continue to lead the insurance industry” said Pettinicchi. “Loan Protector is a great example of a buyout that is a net positive for employees, clients and the industry. This deal puts Dennis on secure financial footing and allows him to be nimble to pursue opportunities that wouldn’t be possible if the company had remained a division of a large, publicly traded firm.”

About InsurBanc: Farmington, Connecticut-based InsurBanc, a division of Connecticut Community Bank, N.A., specializes in financial products for the insurance agency community, including loans for acquisition and perpetuation and providing custom cash-management solutions.
www.insurbanc.com