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03/06/2003
Amber Cousins Contact: 818-871-5319
GMAC Mortgage Selects Balboa as Insurance Outsourcing Provider
IRVINE, CA (March 6, 2003) – Balboa Insurance Group Inc. announced today that GMAC Mortgage Corporation has chosen Balboa to provide an array of insurance outsourcing functions.
“Balboa’s technological expertise and extensive experience in insurance outsourcing, through its subsidiary Newport Management Corporation, makes them an excellent choice for delivering the high quality service GMAC Mortgage customers have come to expect,” said Susan Meier, vice president of escrow operations at GMAC Mortgage.
This agreement is an expansion of the business partnership between the two companies, which began earlier this year. The relationship started with another Balboa subsidiary, DirectNet Insurance Agency, Inc., offering homeowners insurance to GMAC Mortgage customers. Under the new three-year agreement, Newport will expand Balboa’s offering by providing insurance tracking services that include data maintenance, EDI processing, customer service and online claims service.
“The agreement with GMAC Mortgage, a subsidiary of one of the largest financial services companies in the world, solidifies Balboa’s position as a leader in providing insurance solutions to the nation’s top financial institutions,” said Drew Gissinger, managing director and president of Balboa Insurance Group.
GMAC Mortgage, a wholly owned subsidiary of General Motors Acceptance Corporation (GMAC), joins an elite group of financial companies that have selected Balboa to fulfill their insurance needs.
About Balboa Insurance Group, Inc.
Balboa Insurance Group, Inc. is a subsidiary of Countrywide Financial Corporation. The Balboa insurance companies, all subsidiaries of Balboa Insurance Group, Inc., are known collectively as the Balboa Life & Casualty group, and consist of Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, Balboa Lloyds Insurance Company, Balboa Life Insurance Company and Balboa Life Insurance Company of New York. Balboa Insurance Company is the direct parent of Newport Management Corporation. The Balboa Life & Casualty group is rated “A” (Excellent) by the A.M. Best Company, an insurance rating and information service. This rating, based on performance and financial stability, is assigned to companies that have excellent balance sheet strength, operating performance and business profile. An A rating represents A.M. Best's opinion that the Balboa Life & Casualty insurance companies have a strong ability to meet ongoing obligations to policyholders. The Balboa Life & Casualty group is headquartered in Irvine, California, and has a network of sales and service centers throughout the country. To learn more about Balboa Life & Casualty, please visit www.balboainsurance.com.
About GMAC Mortgage
GMAC Mortgage Corporation is among the nation's top ten residential mortgage servicers and originators. The company originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers and Internet sites under the brands gmacmortage.com and ditech.com. GMAC Mortgage also offers custom mortgage services to GM employees and their family members, retirees and dealers through its GM Family First program. As of December 31, 2001, GMAC Mortgage originated $52 billion residential mortgages, representing more than 437,000 transactions. The company's servicing portfolio of more than $185 billion represents 2 million customers throughout the nation. The company’s headquarters is located in Horsham, Pa., with about 1,400 employees in the Philadelphia region.
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