Dennis Swit has led Loan Protector Insurance Services as the company’s CEO since 2010, and now, he owns the company, too.
Swit and LP Insurance Services, a company established by Swit, announced recently that LP Insurance Services acquired the assets of Loan Protector Insurance Services from Willis Towers Watson.
In effect, Swit purchased Loan Protector, which provides lender-placed insurance products to the mortgage industry, from its former parent company. The deal was initially announced earlier this year and closed on Jan. 31, 2018.
Willis Towers Watson purchased Loan Protector in 2008, but now the company is owned and operated by Swit.
Swit joined the company in 1998 and previously served as CEO and managing partner. Swit will now serve as CEO of the newly organized company, but the company will continue to operate under the Loan Protector brand.
In a release, the company said that Swit has no plans to change the company’s name or business. The company intends to continue operating and servicing national and regional clients from its headquarters in Cleveland, the company said in a release.
“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,” Swit said in a release.
“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,” Swit added. “The outstanding programs and services we provide will only continue.”
Swit said that one of the factors in his pursuit of buying the business was to be able to grow the company and better serve both its clients and employees.
“Employing over 150, Swit is well-positioned to operate and invest as an independent unit and is planning to add new customer-centric technology and adding more employee-centric benefits,” the company said in a release.
Financial terms of the deal were not disclosed.