Salt Lake City-based digital lender WebBank has agreed to acquire Denver-based National Partners, a national insurance premium finance company and subsidiary of MLF Financial Group.
This is the first foray into insurance premium finance for WebBank, a national issuer of consumer and small-business loans in partnership with brand name fintechs, equipment makers and retailers including Dell, Prosper, PayPal, Fingerhut, LendingClub and Yamaha. Organized in 1997, WebBank is a Utah-chartered industrial bank that is owned by Steel Partners Holding Corp.
National Partners, founded in 2016, provides commercial premium finance services to brokers, agents and insureds. According to the announcement, all staff and executives will remain in place at National Partners, which will become a subsidiary of WebBank. Besides its Denver headquarters, National Partners has regional offices in Chicago, New York City and Tampa.
The pending acquisition includes National Partners and its wholly owned subsidiaries, National Partners of California and National Partners of New York.
Terms were not disclosed. The transaction is expected to close in early 2019, subject to regulatory approval.
Combining the two companies will benefit insurance agents, according to National Partners CEO Bruce Lundy. “WebBank is nimble, has access to superb technology, deep knowledge, and smart people, which is evident in the brands it has attracted and helped grow,” Lundy said.
WebBank said National Partners fits with its strategy and expertise. “Their growth trajectory, risk management culture, and strong reputation with their clients convinced us that they will be an excellent partner and long-term investment,” said Jason Lloyd, WebBank’s executive vice president.
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