(Bloomberg) — Munich Re's American Modern Insurance Group is retreating from the business of providing protection to mortgage lenders on U.S. homes in which borrowers have lapsed on premiums.
Lender-placed insurance
The so-called lender-placed insurance business will be wound down in the next 15 to 24 months, the Ohio-based unit said Monday in a statement, citing unacceptable returns. American Modern said about 325 of its 1,400 employees support its LPI business and that it doesn't yet know how many jobs will be affected.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
