Wednesday, April 19, 2017 – Wilmington, NC – Live Oak Bank (subsidiary of Live Oak Bancshares, Inc) (NASDAQ:LOB) and the National Association of Mutual Insurance Companies (NAMIC) announced today that the Live Oak Bank insurance division has joined NAMIC.
NAMIC is the largest property/casualty insurance trade association with more than 1,400 member companies serving more than 170 million auto, home and business policyholders. For more than 120 years, NAMIC has served the interests of mutual insurance companies – large and small – across the U.S. and Canada. Through advocacy programs, NAMIC promotes public policy solutions that benefit policyholders and member companies that exist to serve them.
“We thought it was important to join a great organization like NAMIC because the association is focused on helping its member carriers succeed,” said Mike Strakhov, Executive Director of the insurance lending division at Live Oak Bank. “NAMIC members care about their agency distribution force.” Kelly Drouillard, General Manager of the division, added, “we can help carriers perpetuate and grow their agents. We’re excited to work with this group of companies to learn more about their distribution practices and challenges and to find additional ways to help them and their agents.”
With a dedicated lending team focused exclusively on the insurance industry, Live Oak Bank offers insurance agency loans for agents, MGAs, wholesalers and program administrators. The team has over 40 years of experience in agency operations, financing and mergers and acquisitions.
About Live Oak Bank
Live Oak Bank was founded in 2008 to provide small business loans to professionals across the country looking to start or expand their businesses. Live Oak is an FDIC-insured national footprint bank and one of the largest originators of small business loans in the country. To learn more about Live Oak Bank, please visit www.liveoakbank.com/insurance.
This press release contains forward-looking statements regarding future events. These statements are only predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include risks of managing our growth, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to be materially different from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission. Live Oak Bancshares, Inc. undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
