American Modern Consolidates Financial Services

American Modern Insurance Group, a wholly owned specialty insurance subsidiary of The Midland Co., has consolidated financial services and promoted Gary A. Cobb to direct sales and product development for the realigned department.

This move is expected to strengthen American Modern’s financial services by bringing together its Ameritrac, credit life, bank, credit union and mortgage lender areas under Cobb’s leadership. American Modern’s Financial Services provides products designed to eliminate or minimize lenders’ exposure to uninsured losses within their auto or mortgage portfolios.

These products are marketed to banks, mortgage lenders, credit unions and managing general agents who target financial institutions. Financial Services currently provides a number of useful services and programs to these institutions, such as collateral protection, dwelling protection, Ameritrac services and AMLICO, which provides credit life and A&H.