Scottsdale, AZ, February 15, 2016 — CNA National Warranty Corporation (CNAN) recently announced that over $40 million was returned to automobile dealers across the U.S. through its various participation plans for 2015, bringing its inception-to-date total to more than $370 million.
“Our participation programs exceeded our expectations in 2015,” says Joe Becker, president and chief executive officer. “The distribution amount is the highest we’ve had since the inception of these plans. The growth we’ve seen across our programs demonstrates the dependability our dealers expect and deserve from our reinsurance options.”
CNAN 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 and 2013.
With CNA National, dealers who are interested in reinsurance can select the participation program that best serves both their business and individual financial goals by choosing from CFC (controlled foreign corporation) and NCFC (non-controlled foreign corporation) structures. CNA National’s NCFC—Palo Verde Holdings—is managed by a board of directors made up of dealer shareholders. It has over $162 million in assets, making it an excellent choice for dealers wanting to maximize investment returns while minimizing risk.
About CNA National Warranty
Founded in 1982 and headquartered in Scottsdale, Arizona, CNA National 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 was the first service contract company recognized for "Highest Overall Dealer Satisfaction" by J.D. Power and Associates* and has been named "Best Provider" in Auto Dealer Monthly's Dealers' Choice Awards for ten consecutive years (2005-2010, 2012-2014 for service contracts and 2011-2013 for reinsurance). 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
Julie Fosgate, 480-941-1626 x770