""Wingspan Portfolio Advisors"":http://www.wingspanportfolioadvisors.com/ is expanding into insurance, with the recent launch of its new subsidiary, Wingspan Insurance Services. Targeting minimization of portfolio risks for servicers and investors, the new division seeks to provide better insurance coverage for multiple sectors of the mortgage marketplace.[IMAGE]
In a company statement, Wingspan noted that its insurance initiative is a response to concerns voiced by servicers and investors who are seeking to mitigate the dangers associated with insufficient protection for their investment portfolios.
Wingspan Insurance Services plans to offer multiple types of coverage including collateral protection and vendor single insurance, lender-placed insurance, REO insurance, and gap insurance for debt service and asset values.
Additionally, Wingspan's new segment will provide insurance tracking, tax servicing and certificates, catastrophe modeling, risk analysis, home warranty for mechanical and structural damages, auto insurance, and alternative risk transfer strategies.[COLUMN_BREAK]
Through developing strategic partnerships with highly experienced insurance companies within the financial industry, Wingspan was able to move forward with extensive capabilities and offerings in the insurance segment.
Steven Horne, founder and CEO of Wingspan, said of the new project, ""Servicers, investors and other stakeholders know that there are a lot of moving parts in moderating the risks they face every day.
By launching Wingspan Insurance Services, we are uncomplicating things for servicers and others so that important insurance concerns don't fall between the cracks. We help identify insurance problems and inadequacies in small and large portfolios and provide the services needed to minimize unwarranted exposure.""
Wingspan Insurance Services will be based in Richardson, Texas, near company headquarters, and Vik Jain will head up the insurance division as its managing director.
Horne elaborated on Jain's appointment, saying, ""Vik is a talented professional with over 25 years of domestic and international experience in the insurance industry. Under his leadership, Wingspan Insurance Services has created an array of offerings that leverage the expertise of our partners and provide excellent protection for our clients.""
Jain elaborated on his approach for Wingspan's initiative, stating, ""The key to controlling insurance risk on portfolios lies in having a broad range of products as well as the ability to track loans to ensure they are covered properly. Wingspan Insurance Services is designed to perform these roles with a customized approach rather than the more typical 'one size fits all' offering. The company has invested in a proven technology to perform the insurance tracking part of the equation, solidifying the strength of the firm's capabilities.""