(Bloomberg) — Munich Re's American Modern Insurance Group is retreating from the business of providing protection to mortgage lenders on U.S. homes in which borrowers have lapsed on premiums.
Lender-placed insurance
The so-called lender-placed insurance business will be wound down in the next 15 to 24 months, the Ohio-based unit said Monday in a statement, citing unacceptable returns. American Modern said about 325 of its 1,400 employees support its LPI business and that it doesn't yet know how many jobs will be affected.
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