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Loan Protector Joins Proctor Financial

Monday, May 04, 2020
Loan Protector Joins Proctor Financial

TROY, MI, May 4, 2020 – Proctor Financial, Inc. (Proctor), a leading provider of insurance products and service solutions for financial institutions, announced the acquisition of Loan Protector Insurance Services (Loan Protector) by its parent company, Brown & Brown, Inc. (Brown & Brown).

The regulatory requirements have been met and the acquisition was completed on May 1. Loan Protector will begin to integrate with Proctor, operating as a single entity under the leadership of Mike Cox, CEO of Proctor, who will assume the role of CEO of the combined organization. Dennis Swit, owner and CEO of Loan Protector, will continue to lead the Ohio operation.

“By welcoming Loan Protector to the Proctor team, we will be well positioned to provide the most optimal solution in the industry. We will blend our strengths to create an enhanced customer and borrower experience,” stated Cox.

Swit commented, “After more than 40 years of respectful competition, Loan Protector is proud to join the Proctor Financial team. This move strengthens our collective position in the market while providing superior solutions for our client partners.”

The combined organization will have multiple offices with locations in Troy, Michigan; Daytona Beach, Florida; and Solon, Ohio. These three combined service centers employ more than 1,000 talented teammates with increased resources, talent, and scalability needed to continue providing high-caliber service to customers and partners. The companies’ long-term partnerships with several of the industry’s top-rated admitted and non-admitted carriers provides program stability with the best available coverage.

“In combining our companies’ technology capabilities, subject matter experts, compliance resources, and quality standards, we are equipped to provide our suite of products and services across a spectrum of mortgage servicers,” continued Cox. “On behalf of Proctor and Loan Protector, we look forward to a prosperous future together.”

ABOUT PROCTOR FINANCIAL, INC.

Proctor Financial, Inc., a subsidiary of Brown & Brown, Inc., has over 40 years of experience providing lender-placed insurance to the mortgage servicing industry. In addition to lender-placed insurance and insurance tracking services, Proctor provides REO and specialty lines coverages, including cyber insurance, Mortgage Impairment, and blanket insurance products. For more information, please visit pfic.com. For inquiries, please contact pfi_marketing@pfic.com.

ABOUT BROWN & BROWN, INC.

 Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service. For more information, please visit bbinsurance.com.