Returns reach more than $40 million for 2021
Scottsdale, Ariz. March 16, 2022—CNA National Warranty Corporation returned $41.5 million to automobile dealers across the U.S. through its various participation programs for 2021. This brings the company’s inception-to-date total to over $650 million.
“In an effort to help our agents and dealers continue to grow their business, we reliably deliver value through individual attention and personalized solutions,” said Joe Becker, president and CEO of CNA National. “The investment returns from our participation programs this year are evidence of this commitment. With our in-house expertise and deep line-up of external resources, dealers can be confident of our consistent ability to help them generate more income.”
CNA National professionals work closely with dealers to understand their needs and guide them to the plan that best meets their financial goals. The company offers reinsurance – including CFC (controlled foreign corporation) and NCFC (non-controlled foreign corporation) structures – a retro program and a DOWC (dealer owned warranty company). Palo Verde Holdings, the NCFC established in 1999, is managed by a board of directors composed of dealer shareholders and has accrued nearly $400 million in assets.
“Our team of experts study and evaluate product mix, loss ratios, cancellations and more to help ensure dealers maximize their premiums,” said Casey Lytle, associate vice president of reinsurance for CNA National. “We provide support and service that is a step above the competition to assist our dealers in choosing the right structure for them, not what’s best for the provider. It’s an aspect of how we do business that sets us apart.”
“For 40 years now, our focus has been to deliver premier products and top-line service to our clients,” added Jeff Weston, chief revenue officer for the company. “These distributions demonstrate that we are living up to our promise. It’s one of the many reasons we’ve been voted the number-one provider for 17 years in a row, including Best VSC Provider in 2021 and Best Reinsurance Provider in 2020.”
CNA National reinsures warranties, GAP and ancillary products including tire-and-wheel protection in addition to vehicle service contracts. The company has earned multiple awards as “Best Reinsurance Provider” in the Dealers’ Choice Awards, including first-place honors in 2011, 2012, 2013, 2017 and 2020.
About CNA National Warranty Corporation
Founded in 1982 and headquartered in Scottsdale, Arizona, CNA National is recognized as a leader in the vehicle service contract industry. The company offers a choice of reinsurance structures (both controlled foreign corporation and non-controlled foreign corporation) as well as GAP coverage, tire-and-wheel protection and ancillary products. CNAN has been named a “Best Provider” in Auto Dealer Today’s Dealers’ Choice Awards for 17 consecutive years (2005-2010, 2012-2021 for service contracts and 2011-2013, 2017 and 2020 for reinsurance). In addition, CNAN was the first and one of only two service contract companies recognized for “Highest Overall Dealer Satisfaction” by J.D. Power and Associates.* CNAN’s service contract program has had the exclusive endorsement of the American International Automobile Dealers Association since 1995. It is a wholly owned subsidiary of CNA, one of the nation’s oldest and largest insurers with over $55 billion in assets. Learn more at CNANational.com. *J.D. Power and Associates 2003 Dealer Service Contract Satisfaction StudySM based on 5,053 dealer evaluations, www.jdpower.com