NORTHBROOK, IL, October 15, 2009 – FIRST Insurance Funding Corp. (FIRST) is now providing insurance premium funding for American Lease Insurance (ALI) Program clients, replacing a subsidiary of American International Group (AIG). FIRST CEO Frank Burke comments, “Providing premium funding for ALI clients is a logical extension for FIRST that complements our existing business of premium financing for commercial insurance customers. ALI offers a unique program that allows lessees the convenience of making payment for insurance coverage provided along with their lease payment. We think ALI has developed an impressive insurance offering with substantial growth potential, and we’re very pleased to be working with them.”
ALI President Steve Dinkelaker responds, “Securing FIRST as a replacement funding source allows us to continue offering our clients all the competitive advantages of the ALI Program without requiring advances of any kind from them. FIRST has significant experience serving insurance producers: we’re very pleased to have such a strong and stable partner. This is a key alliance for ALI, enabling us to enhance our service offering to existing clients and enter into new client relationships with confidence for the long term.”
The ALI Program provides equipment leasing and finance companies complete portfolio protection on eligible equipment, with coverage on each agreement through the entire contract term, as well as comprehensive tracking of any alternate insurance. The ALI Program provides “group-like” coverage superior to standard commercial policies, with no deductible, for a monthly insurance charge that is billed directly on lease or finance agreement invoices. Fully automated, the program is integrated with all major lease accounting software programs and requires no premium advances or investment on the part of the equipment leasing or finance company.
FIRST Insurance Funding Corp. is a subsidiary of Wintrust Financial Corporation (Wintrust) (NASDAQ: WTFC), an $11 billion financial services company based in Lake Forest, Illinois. FIRST finances approximately $4 billion annually. Wintrust holdings include 15 individually chartered commercial banks in 79 locations as well as specialty finance and wealth management companies. For more information, visit www.firstinsurancefunding.com.
American Lease Insurance provides a comprehensive insurance program to more than 25 equipment leasing and finance companies across the United States. Founded in 2000 by licensed insurance agent and broker Steve Dinkelaker, ALI is headquartered in Sunderland, Massachusetts, and is an active member of all major equipment leasing and financing associations. For more information, go to www.aliac.net.