Returns more than $30 million for the year
Scottsdale, Ariz. — March 3, 2023— CNA National Warranty Corporation returned $32.6 million to automobile dealers across the U.S. through its participation programs for 2022. This brings the organization’s inception-to-date total to just under $685 million.
“Our company’s reputation is built on customer-service excellence and superior products,” said Joe Becker, president and CEO of CNA National. “This extends beyond claims and service contracts. It also applies to our participation programs. We reliably deliver value through individual attention and personalized solutions. With our in-house expertise and depth 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 structure that best meets their financial goals. The reinsurance team consists of experts in the field who can help dealers think through the tough questions, explain the pros and cons of the programs and serve as a resource throughout the sign-up process and beyond.
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 over $370 million in assets.
“Our dedicated dealer management team and specialists study and evaluate loss ratios, cancellations, product mix and other factors to help dealers maximize their premiums,” said Casey Lytle, associate vice president of reinsurance and sales programs. “We offer support and service that is a step above the competition. Other providers have been known to advocate for structures that are best for them, not what’s best for the dealer. We take the opposite approach to ensure our dealers are taking advantage of the program that is most favorable for their unique needs. This practice sets us apart in the industry.”
CNA National reinsures vehicle service contracts, warranties, GAP waivers and ancillary products, including tire-and-wheel protection. It 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 (CNAN) is recognized as a leader in the vehicle service contract industry. The company offers a choice of reinsurance structures (both CFC and NCFC) as well as GAP coverage and ancillary products, including tire-and-wheel protection. CNAN has been named “Best Provider” in Auto Dealer Today’s Dealers’ Choice Awards for 18 consecutive years (2005-2010, 2012-2022 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 (AIADA) since 1995. It is a wholly owned subsidiary of CNA, one of the nation’s oldest and largest insurers with over $60 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
