Proctor Financial, Inc. (Proctor), a provider of insurance products and service solutions for financial institutions, has 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.”