Warrantech Selects Lloyd's; Syndicate and Specialty Insurers Underwrite New GAP Automotive Program
04 2월 2006 - 1:46AM
Business Wire
Warrantech Corporation (OTC:WTEC), a leading independent provider
of service contracts and after-market warranties, announced today
that Lloyd's Insurance Syndicate has agreed to appoint Warrantech
for its new Guaranteed Asset Protection (GAP) program. Warrantech
Automotive, Inc., a wholly owned subsidiary of Warrantech will
begin offering this program immediately to its dealer clients. GAP
insurance, a hedge in the event that a vehicle is stolen or totaled
due to an accident, protects consumers from loss if the value of
the vehicle is less than the amount owed on the loan. The
appointment by the syndicate of Lloyd's of London, a world-renowned
group of specialty insurance providers, will allow Warrantech to
offer coverage in all states in which GAP insurance is authorized.
According to the terms of the underwriting agreement, Lloyd's will
insure the first 36 months of each contract's term. If a contract
term exceeds 36 months, another specialty insurance firm will
insure the remaining period. "We are very pleased that Lloyd's, an
internationally known and highly respected insurer, has agreed to
underwrite the GAP Automotive program," said Joel San Antonio,
chairman and chief executive officer of Warrantech Corporation. "As
the leading independent administrator in today's marketplace,
Warrantech strives to provide its customers with a broad spectrum
of innovative, high-quality products. We believe Lloyd's decision
reflects its recognition of Warrantech as a pre-eminent
administrator and look forward to expanding this relationship into
other product lines and markets." About Lloyd's Insurance Syndicate
Lloyd's is the world's leading specialist insurance market with a
capacity to accept insurance premiums of more than GBP 13.7 billion
in 2005. It occupies sixth place in terms of global reinsurance
premium income, and is the second largest surplus lines insurer in
the U.S. In 2005, 62 syndicates are underwriting insurance at
Lloyd's, covering all classes of business from more than 200
countries and territories worldwide. For more information about
Lloyd's, visit www.lloyds.com. About Warrantech Warrantech
Corporation administers and markets service contracts and
after-market warranties on automobiles, automotive components,
recreational vehicles, appliances, consumer electronics, homes,
computer and computer peripherals for retailers, distributors and
manufacturers. The company continues to expand its domestic and
global penetration, and now provides its services in the United
States, Canada, Puerto Rico and Latin America. For additional
information on Warrantech, access www.warrantech.com. "Safe Harbor"
statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are
subject to risks and uncertainties. Other risks and uncertainties
include but are not limited to, the effectiveness of cost
containment measures and the continuation of current levels of
business activity, the impact of competitive products, product
demand and market-acceptance risks, reliance on key strategic
alliances, fluctuations in operating results and cash flow and
other risks detailed from time to time in the company's filings
with the Securities and Exchange Commission. These risks could
cause the company's actual results for the current fiscal year and
beyond to differ materially from those expressed in any
forward-looking statements made by, or on behalf of, the company.
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