Chicago-based brokerage giant Aon Corp. announced that Cananwill Premium Funding President Mildred J. Young has been named vice president of the National Premium Finance Association. Cananwill is a wholly-owned subsidiary of Aon.
Founded in 1997, the National Premium Finance Association is a nonprofit organization represented by about 20 member companies operating in the premium finance industry. The association was formed primarily to address common premium finance industry regulatory and legislative issues.
Its mission is to act as the industry’s “eyes and ears” with regard to the legal, regulatory and political environment surrounding the premium finance industry. Members are primarily or exclusively engaged in the business of premium financing and are required to be validly licensed in each state in which they do business, if required by law. Current members of the NPFA represent approximately 90% of all domestic premium finance activity.
Young began her career with Ben Franklin Savings of Oak Brook, Ill., in 1975. As the controller, her main areas of responsibility included accounting, treasury management and financial reporting. In 1981 she moved to Associates Commercial Corp., where she served as a division controller and commercial lender. During this time, the corporation was sold and Young continued on as a commercial lender for Glenfed Capital.
A certified public accountant, Young joined Aon in 1988 and was part of the original management team bringing Aon into the insurance premium finance business.