A financial holding company with approximately $18 billion in assets has just signed a deal combining the distribution channel of one insurer and the billing services of another.
FIRST Insurance Funding of Canada has merged with Policy Billing Services Inc., a move that demonstrates the commitment Wintrust Financial Corporation has to the Canadian Insurance industry, says that company’s President and CEO, Edward J. Wehmer.
“These two companies have established a great distribution channel to insurance brokers and agents in the Canadian marketplace by using proprietary software to provide brokers and agents with expanded payment solutions for their customers,” says Wehmer. “Combining their operations and committed staff with our dedicated team in Canada will allow us to accelerate our expansion in the Canadian premium finance market.”
Wintrust, through its subsidiaries, has significant experience in the premium finance business as one of the largest insurance premium finance companies operating in the United States and Canada. As of March 31, Wintrust's premium finance subsidiaries provided insurance premium financing for commercial and life insurance customers with outstanding balances of approximately $4.1 billion.
FIRST Canada’s premium finance expertise and broker loan offering combine with Policy Billing's innovative payment solutions and product range to form an unparalleled strategic advantage, says Wehmer.
“Policy Billing Services and Equity Premium Finance founder, Stuart Bruce, and his experienced management team have served the Canadian market with first class service,” says Wehmer. “We are looking forward to continuing our momentum with our new colleagues in Canada.”
Both organizations are expected to offer the same services and products during the transition, with no changes anticipated among the management and staff.
“We are excited about combining resources with Wintrust,” says Stuart Bruce, founder of Policy Billing Services and Equity Premium Finance. “By combining the premium finance and broker lending capabilities of First Insurance Funding with the payment services of Policy Bill, we are well placed to provide the insurance market with a highly efficient solution.”
