Scottsdale, Ariz., February 22, 2019—CNA National Warranty Corporation returned nearly $49 million to automobile dealers across the U.S. through its various participation programs for 2018. This brings the company’s inception-to-date total to over half a billion dollars.
“2018 was a banner year for our participation programs with the highest annual return since the establishment of these plans,” says Joe Becker, president and chief executive officer. “With more than $500 million having gone back to our dealers over the years, these industry-leading retro and reinsurance options continue to offer a reliable way to maximize profitability.”
With CNA National, dealerships can meet their business and individual financial goals by choosing the type of participation program they prefer. The company offers reinsurance – including CFC (controlled foreign corporation) and NCFC (non-controlled foreign corporation) structures – and a retro program. The NCFC, Palo Verde Holdings, is managed by a board of directors composed of dealer shareholders and has accrued over $290 million in assets since its inception in 1999.
CNA National reinsures warranties, GAP and 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 and 2017.