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11 Journal SPONSORED CONTENT PROCTOR FINANCIAL AND LOAN PROTECTOR JOIN AS ONE COMPANY In March 2020, Brown & Brown announced the acquisition of Loan Protector Insurance Services. As a wholly owned subsidiary of Brown & Brown, Proctor Financial welcomed Loan Protector to the team, combining companies to operate as a single entity. As leading providers of lender-placed insurance and insurance- tracking services, the joining blends each organization's strengths, expertise, and technology to optimize their product and service offerings to financial institutions. Now, with the third-largest market share in the lender-placed insurance industry, this combined force is positioned to be stronger than ever in 2021. INTRODUCING A NEW CORPORATE IDENTITY e company will reveal a new brand identity in the new year. is new brand will be a reflection of Proctor Financial and Loan Protector uniting. It will adopt the visual strength and preserve the brand equity of each organization. e new brand will introduce a blended company name, a reimagined logo, and a redeveloped website. ough the company will have a new look, the same values of integrity, expertise, accuracy, collaboration, and agility remain strong. e company looks forward to unveiling this transformation in 2021. COMBINING OPERATIONAL STRENGTH e combined organization has multiple offices, with locations in Troy, Michigan; Daytona Beach, Florida; and Solon, Ohio. ese three service centers employ more than 1,000 teammates who are skilled professionals that understand the mortgage servicing industry. is includes a powerhouse compliance team poised to monitor the regulatory changes that are likely to impact servicers in 2021. e expansion of the operation increases the company's scalability to manage clients' portfolio growth and welcome new financial institutions to its roster of clients. BUILDING ON SPECIALTY PRODUCTS e company is building upon insurance products for financial institutions that complement its lender-placed insurance offerings. In 2021, particular importance will be placed on products such as Mortgage Impairment E&O and cyber-insurance for financial institutions. Mortgage Impairment—Errors & Omissions If 2020 has taught us anything, it's to expect the unexpected. Mortgage Impairment provides coverage for unknown or unforeseen losses by protecting the lender's interest in the property from errors and omissions during the origination and servicing of loans. It also provides physical damage coverage for uninsured losses that result in borrower default. As an example, if a borrower is not required to carry flood insurance, but a flood damages the property and the borrower walks away, coverage could be afforded under a Mortgage Impairment policy. is type of coverage is particularly crucial after natural disasters. Cyber-Insurance for Financial Institutions A cyber incident can also cause unexpected losses, from lost data or security breach to system failure or extortion threat. An unexpected cyber incident costs money, time, and reputational loss, which could be mitigated by purchasing a cyber-insurance policy. More than ever, financial institutions realize the importance of obtaining coverage for cyber incidents because most cyber- insurance policies also come with access to breach response services, such as computer experts, notification services, and credit monitoring, to name a few. Having a trusted cyber-insurance partner means having resources immediately available should an unexpected cyber incident occur. PREPARING FOR 2021 All industry eyes are on the White House as a new administration is projected to step into office in 2021. In a highly regulated industry, compliance, change management, and quality measures are increasingly important to servicers performing vendor management. Proctor is prepared to handle any anticipated regulatory changes; with the acquisition of Loan Protector, the expansion of key teams means compounded expertise to handle any changes. e compliance team monitors regulations that impact borrowers and servicers; the support teams work with clients to develop best-practice approaches to managing changes, and the insurance- tracking system is configurable to respond to these changes swiftly. With a new brand identity, expanding operations, a growing suite of specialty products for financial institutions, and a strong team poised to handle any future changes, Proctor Financial and Loan Protector continue their legacies while paving a new road forward, together.