The CEO and managing partner of Solon, Ohio-based Loan Protector Insurance Services has purchased the company from insurance brokerage Willis Towers Watson. The buyout by Dennis Swit was financed by InsurBanc.
The 150-employee business was acquired by Willis Towers Watson in 2008. Swit will continue as CEO, and the company will continue to operate under the Loan Protector brand.
Swit positioned Loan Protector into an industry leader in lender-placed insurance and insurance tracking services for the mortgage servicing industry. Once given the opportunity to purchase the business, he approached multiple lending sources but only InsurBanc delivered a deal and structure that worked to get the deal done.
Swit now has full control and the flexibility to grow his company and make investments to benefit him and his stakeholders. He anticipates investing in new technology, including software and a web-based call center, as well as making some acquisitions in the future.
InsurBanc is based in Farmington, Connecticut, and is a division of Connecticut Community Bank N.A. InsurBanc specializes in financial products for the insurance agency community, including loans for acquisition and perpetuation and providing custom cash-management solutions.