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Hub International Limited has announced the launch of a new mortgage impairment (MI) insurance facility to provide small- and mid-tier financial institutions with protection and value add-ons to reduce their lender risk and receive faster quotes.
Secondary-market MI insurance requirements are based on a sliding scale that correlates to the size of an institution’s mortgage portfolio, Hub said. However, these requirements only meet a bare minimum and may not provide adequate coverage for a large claim or multiple claims in a single year.
“There are very limited MI options for small- and mid-tier financial institutions that want a holistic solution for their lender risk management,” said Scott Eckerty, president of Hub’s Financial Institutions Specialty Practice. “Hub saw an opportunity to create a win-win for all by offering more value-adds for our clients and an opportunity for Hub to expand our offering to thousands of new customers regardless of the size of the financial institution.”
In addition to MI coverage offered in partnership with Lloyd’s of London, Hub is offering value-adds including:
“Hub’s expertise in financial institutions enables us to better understand the unique lending risks our clients face and develop industry-specific tailored insurance solutions that address their unique needs,” said Chris Riley, senior vice president and program manager of Hub’s Financial Institutions Specialty Practice. “By analyzing a lender’s portfolio, systemic risks, origination/servicing operations and risk tolerance, Hub can expedite the process and turn quotes around faster for our clients while offering a product with unique value-adds.”
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