Warrantech Corporation, a provider in administering service contracts and extended warranties, has signed a five-year agreement with Royal & SunAlliance USA, the U.S. operation of London-based Royal & SunAlliance Insurance Group.
Under the terms of the agreement, Warrantech will administer the claims of a portfolio of over 40,000 vehicle service contracts.
The new contract with Royal & SunAlliance comes during a particularly strong business environment for extended warranties and service contracts within Warrantech’s automotive segment. According to Warrantech, more automotive service contracts have been booked during the past quarter than any other three-month period in the prior three years.
Overall, without the impact of this agreement, the company’s automotive service contract business is up about 15 percent for the first month of fiscal year 2003 over fiscal year 2002.
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