LP Insurance Services has agreed to acquire the assets of Loan Protector Insurance Services, a division of Willis Towers Watson.
Based in Cleveland, Ohio, Loan Protector is a provider of customizable insurance tracking programs and lender-placed insurance products to the industry.
Following the transaction, which is expected to close January 31, Dennis Swit, will serve as CEO and the company will continue to operate under the Loan Protector brand. Swit has no plans to change the company’s name since it has brand equity built into it, according to the company.
Swit joined Loan Protector in 1998 and previously served as CEO and managing partner. During his tenure, he helped take the formerly privately held company to a division of a publicly traded S&P 500 firm.
“The one thing that has always remained consistent about Loan Protector is our unwavering dedication to providing customized programs for our clients and a quality customer service experience to their borrowers. Our dedicated team of compliance and risk management professionals monitor and adapt our services as regulations change, which enables us to protect our clients from financial, reputational and security risks,” said Swit. “The outstanding programs and services we provide will only continue.”
Loan Protector, which is celebrating its 40th anniversary this year, said that it intends to keep business going as usual. In a press release, the company said it would continue operating and servicing national and regional clients from its headquarters in Cleveland once the transaction is finalized.