ValueInsured Closes Financing Led by Global Reinsurer
ValueInsured, the only provider of down payment protection, today announced the closing of $6.5M of funding led by an affiliate of Everest Re Group Ltd. and also Houston International Insurance Group (HIIG). The latest round of funding from Everest Re and HIIG builds on their existing partnerships with ValueInsured, which began in 2014 with an initial $6M seed round. This additional investment provides ValueInsured with the growth capital to continue its aggressive distribution partnership strategy, expanding channel presence and enhancing the features of the +Plus SM down payment protection program.
“We are thrilled to be building on our longstanding partnerships with Everest, a global reinsurer and HIIG, a prominent domestic property and casualty underwriter,” said Joe Melendez, CEO of ValueInsured. “This added support will allow us to deliver down payment protection to more mortgage originators and, most importantly, more homebuyers, providing them peace of mind amid unpredictable, negative changes in the housing market.”
“Having seen substantial growth, we are excited to take our relationship with ValueInsured to the next level and provide additional capital to further expand their delivery of +Plus down payment protection nationwide,” said John Doucette, President and CEO of the Reinsurance Division of Everest Re Group, Ltd.
“ValueInsured has delivered a truly innovative product and we’re proud to be partnering with them to help make this next generation mortgage product more accessible to homebuyers nationwide,” said Stephen L. Way, CEO of HIIG.
This new agreement marks a significant development, which comes as ValueInsured continues to attract more lenders to offer +Plus down payment protection which is currently available nationwide in conjunction with a network of select retail loan officers, correspondent lenders and wholesalers.
About ValueInsured
Based in Dallas, PVI Agency, LLC dba ValueInsured℠, is the only provider of down payment protection for modern homebuyers, giving them greater control and flexibility to sell their home even in a down market. ValueInsured’s +Plus℠ down payment protection is available nationwide and is backed by one of the world’s largest re-insurance companies, with over $8 billion in capital. http://www.valueinsured.com
About Everest Re Group, Ltd.
Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), dac, provides reinsurance to non-life insurers in Europe. Everest Insurance® refers to the primary insurance operations of Everest Re Group, Ltd., and its affiliated companies which offer property, casualty and specialty lines insurance on both an admitted and non-admitted basis in the U.S. and internationally. The Company also operates within the Lloyd’s insurance market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized by the Company and third party investors that provide reinsurance for property catastrophe risks. The Everest Re Group operating companies are rated A+ (Excellent) by A.M. Best Company. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.
About Houston International Insurance Group
Houston International Insurance Group (HIIG) is an insurance holding company based in Houston, Texas with assets of more than $1 billion and shareholders’ equity of more than $325 million. HIIG’s insurance company subsidiaries consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A/A- (Excellent) by A.M. Best Company. For more information go to www.hiig.com.
