Denver-based National Partners, a new premium finance company, said that it will open for business and begin processing loans on July 2.
Since its formation in July 2016, NP has been building out its software system and securing the state licenses necessary to conduct business on a national scale, according to its announcement. It has opened a headquarters in Denver and regional offices in Bethesda, Md., Chicago and New York.
NP said it is financed by a private-equity and by its employees and is not owned or affiliated with any insurance company, broker or agent.
The company’s management team includes Bruce Lundy, president and chief executive officer, and Axel Kloch, executive vice president and chief operating officer. Also, Stuart Hersch, who has been president of Cantor Fitzgerald Life Markets in New York since 2004, is leaving that securities brokerage and investment firm to become chairman of National Partners.
Lundy was co-founder and president of Flatiron Capital from its formation in 1995 through 2012. He led the firm’s growth in loan origination and national sales build-out. It became one of the largest premium finance firms in the country. Lundy has also served as president of the National Premium Finance Association. Prior to founding Flatiron, he was an investment banker with Newman and Associates.
Flatiron has since been sold to TD Banknorth, then to Wells Fargo and last June Wells Fargo exited the premium financing business and transferred all producing agent relationships to AFCO, a division of BB&T.
Kloch was previously the senior vice president and chief operating officer of Flatiron. Kloch specializes in innovative technological development. While at Flatiron he was primarily responsible for software development.
“In recent years the premium finance industry has become dominated by large financial and banking institutions that seem to be more interested in paperwork and bureaucracy than in helping their agent/broker clients grow their businesses,” said Lundy. “That is what we hope to do at National Partners – work closely with our clients to help them grow and make doing business easier.”