SCOTTSDALE, Ariz. — CNA National Warranty Corp. (CNAN) announced this week it returned more than $40 million to auto dealers through its various participation plans in 2015, bringing the total amount of money the company has returned to dealers since its founding to more than $370 million
“Our participation programs exceeded our expectation in 2015,” said Joe Becker, president and CEO. “The distribution amount is the highest we’ve had since the inception of these plans. The growth we’ve seen across our programs demonstrates the dependability our dealers expect and deserve from our reinsurance options.”
In addition to vehicle service contracts, CNAN reinsures warranties, GAP and tire-and-wheel protection.
Dealers who are interested in reinsurance can select the participation program that best serves both their business and individual financial goals by choosing form controlled foreign corporation (CFC) and non-controlled foreign corporation (NCFC) structures.
CAN National’s NCFC, Palo Verde Holdings, has more than $162 million in assets and is managed by a board of directors made up of dealer shareholders.