Scottsdale, Ariz.—CNA National Warranty Corporation returned nearly $49 million to automobile dealers across the U.S. through its various participation programs for 2018. This brings the company’s inception-to-date total to over half a billion dollars.
“2018 was a banner year for our participation programs with the highest annual return since the establishment of these plans,” says Joe Becker, president and chief executive officer. “With more than $500 million having gone back to our dealers over the years, these industry-leading retro and reinsurance options continue to offer a reliable way to maximize profitability.”
With CNA National, dealerships can meet their business and individual financial goals by choosing the type of participation program they prefer. The company offers reinsurance – including CFC (controlled foreign corporation) and NCFC (non-controlled foreign corporation) structures – and a retro program. The NCFC, Palo Verde Holdings, is managed by a board of directors composed of dealer shareholders and has accrued over $290 million in assets since its inception in 1999.
CNA National reinsures warranties, GAP and tire-and-wheel protection in addition to vehicle service contracts. The company has earned multiple awards as “Best Reinsurance Provider” in the Dealers’ Choice Awards, including first-place honors in 2011, 2012, 2013 and 2017.
About CNA National Warranty Corporation
Founded in 1982 and headquartered in Scottsdale, Arizona, CNA National (CNAN) is recognized as a leader in the vehicle service contract industry. The company offers a choice of reinsurance structures (both CFC and NCFC) as well as GAP coverage and tire-and-wheel protection. CNAN has been named “Best Provider” in Auto Dealer Today’s Dealers’ Choice Awards for 14 consecutive years (2005-2010, 2012-2018 for service contracts, and 2011-2013 and 2017 for reinsurance). In addition, CNAN was the first and one of only two service contract companies recognized for “Highest Overall Dealer Satisfaction” by J.D. Power and Associates.* CNAN’s service contract program has had the exclusive endorsement of the American International Automobile Dealers Association (AIADA) since 1995. It is a wholly owned subsidiary of CNA, one of the nation’s oldest and largest insurers with over $55 billion in assets. Learn more at CNANational.com.
*J.D. Power and Associates 2003 Dealer Service Contract Satisfaction StudySM based on 5,053 dealer evaluations, www.jdpower.com