Scottsdale, Ariz.—CNA National Warranty Corporation returned more than $40 million to automobile dealers across the U.S. through its various participation programs for 2019. This brings the company’s inception-to-date total to over $560 million. This is the fifth year in a row the company has distributed over $40 million to its dealerships.
“Our plans delivered strong results last year,” said Joe Becker, president and CEO. “We are extremely pleased with the consistency of their performance. Our retro and reinsurance options continue to offer an effective and powerful way to generate income.”
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 $330 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.
Originally posted on Auto Dealer Today