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Feb

22

Munich Re Unit Exits Coverage of Delinquent Homes for U.S. Banks

By Tony Seruga

Insurer will wind down business over next 15-24 months
American Modern plans to focus on personal-lines coverage

Munich Re’s American Modern Insurance Group is retreating from the business of providing protection to mortgage lenders on U.S. homes in which borrowers have lapsed on premiums.

The so-called lender-placed insurance business will be wound down in the next 15 to 24 months, the Ohio-based unit said Monday in a statement, citing unacceptable returns. American Modern said about 325 of its 1,400 employees support its LPI business and that it doesn’t yet know how many jobs will be affected…

Munich Re Unit Exits Coverage of Delinquent Homes for U.S. Banks

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