WNC began as Wilshire National Corporation 50 years ago, serving as the insurance arm of homebuilder Larwin Corporation in California. What started as a small agency offering homeowners insurance to a captive market grew into a sizable operation, spurring the formation of WNC Insurance Services, Inc. on August 14, 1975.
Encouraged by success and guided by a vision of leadership in the industry, WNC continued to grow with a strong entrepreneurial spirit and focus on innovation. In 1981, WNC obtained its first contract with Underwriters at Lloyd’s of London as a Managing General Underwriter for lender-placed hazard insurance – providing a mortgage lender the ability to purchase hazard coverage anywhere in the United States.
The 1980s was a period of remarkable growth and reputation building for WNC. It was during that time when WNC pioneered lender placed flood in the US through Lloyd’s of London and performed the exhaustive but fulfilling work of helping many of the country’s biggest mortgage lenders comply with flood laws through portfolio flood insurance reviews. Those successful reviews, proven expertise and a trusted program were the broad strokes in painting WNC’s image as the industry’s flood insurance expert. The finer details were added by WNC’s distinctive service and “can-do” philosophy. Sustaining Innovation
In 1989, a family limited partnership with general partner Carl L. Herrmann, Jr. purchased WNC and engineered a period of robust sales and innovations in product, service and technology. Mr. Herrmann, Jr. was the founder of industry leader Insureco, Inc. – the pioneer of automated insurance tracking systems such as Track I for auto loans and RealTrack for mortgage loans.
WNC’s reputation strengthened through the years by continuing to innovate and enhance existing products in response to new and changing requirements of its clients. In 1991, WNC launched its niche-defining excess flood program originally to meet the needs of high-value property owners in South Florida, but quickly expanded and now benefit owners in many other communities from coast to coast.
In 1998, WNC pioneered stand-alone lender-placed wind insurance to benefit lenders and property owners in coastal and other communities where a number of insurance carriers do not cover wind damage.
In 2000, WNC launched its private voluntary flood product in Florida and California to provide a better alternative to the federal flood program by offering enhanced coverages, more options and lower rates.
In 2001, WNC acquired mid-market insurance provider First Guaranty Companies (Texas) and point-of-sale marketer First Line Insurance Services (Colorado) – further solidifying WNC’s leadership among companies that serve the insurance needs of financial institutions.
In 2003, WNC acquired Insurance Management Services (Wisconsin) and renamed it the WNC Direct Marketing Group – expanding WNC’s product mix to include insurance and non-insurance products marketed directly to financial institution customers.
In 2010, WNC introduced its single-policy commercial flood program to benefit business owners by combining building, contents and business interruption coverage in one package policy, eliminating the hassles of applying for and maintaining multiple flood policies. Recognizing Innovation
WNC has introduced product enhancements covering more precisely defined exposures as in deficient limits, coastal risks and bank-repossessed properties. To help alleviate lenders’ worries during the economic crisis that began in 2008, WNC was one of the first to offer insurance for repossessed real estate with its REOSelect product. Today, close to 3,000 financial institutions nationwide rely on WNC products for convenient and compliant insurance protection.
Many of WNC’s innovations continue to be used as models by our competitors. We look upon this as a testament to our success and leadership. Leadership that helped WNC win the endorsement of the New York Bankers Association (NYBA).Answering Technology and Security Imperatives
Because technology is as crucial to achieving our clients’ business goals as the precision of our products, WNC continues to invest considerably in our technology infrastructure – not only to ensure accurate and efficient transaction processing, but also to strengthen the security and confidentiality of our clients’ business data.
Through WNC’s proprietary internet-based iClient® technology, our clients can view insurance documents, policy transactions, and customer communications; place and cancel coverage; file a claim; and review or download insurance status reports on its loans – all from the convenience of their desktop. With iClient®, risk management has never been easier.
Recently, WNC successfully completed a rigorous and lengthy audit toward obtaining a coveted SSAE16 certification (formerly SAS 70 Type II) – proving that we have strong operating controls to meet the increasingly stringent security requirements of most financial institutions in the US. A Continuing Journey
WNC’s journey of growth and accomplishment continues and is now bolstered by its new minority ownership relationship with Kiln Group Limited – which is part of the AA-rated global insurance giant Tokio Marine, and one of the largest specialist insurance and reinsurance underwriting groups at Lloyd’s of London.
Through its partnership with Kiln, which is also celebrating 50 years in business, WNC is strongly positioned to meet new challenges, capitalize on more opportunities and answer the call for innovative and effective ways to help our clients meet new regulations and sustain positive results.
At WNC, you will be among trusted experts, proven innovators, and passionate service professionals. Turning 50 is not only a celebration of our success – it is the sounding bell of the next 50 years.