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Rödermark, 24st June 2021
Wüstenrot Bausparkasse, Fidelis and REMCI Finance cooperate
Wüstenrot Bausparkasse AG strengthens its mortgage offering with B2B credit default insurance from Fidelis Insurance Ireland DAC.
At today’s prevailing real estate prices, many (young) buyers or builders hardly have the necessary equity to contribute another 20-30 percent of the total costs from their own funds – in addition to the purchase or ancillary building costs of approximately 8-15 percent. Moreover, from the point of view of the bank’s internal risk management, the discrepancy between the purchase price and the determined mortgage lending value is particularly pronounced in Germany. “A credit default insurance optimises both aspects and ultimately leads to a lower-risk product range,” says Simon Crone, Chief Underwriting Officer at Fidelis Insurance Ireland DAC.
The German mortgage market has been booming for several years, because owning a home is very popular among people. “We are very pleased to start the partnership cooperation with Fidelis Insurance and REMCI Finance and thus increase our sales power in mortgage financing,” comments Stephan Müller, Head of Sales of Wüstenrot Bausparkasse AG, on the cooperation, which is designed for the long term.
“Credit default insurance also expands the product range in mortgage financing and optimises the lenders’ earnings opportunities,” add Anke Lämmerzahl and Thomas Ehrhardt, managing directors of REMCI Finance GmbH, which is brokering the partnership and will manage it in the future. The company acts as a link between insurer and policyholder.
Formed in 1999 from the merger of the two traditional companies Wüstenrot and Württembergische, the W&W Group today develops and brokers the four building blocks of modern provision: protection, home ownership, risk protection and asset formation. It combines the business areas of housing, insurance and brand pool as equally strong pillars and in this way offers every customer the provision solution that suits him or her. In doing so, the W&W Group relies on omni-channel sales, which range from its own field services to cooperation and partner sales organisations as well as broker activities and digital initiatives. Around 13,000 people currently work for the listed Group, which is headquartered in Stuttgart, in the office and in the field.
About REMCI Finance GmbH
REMCI Finance GmbH was founded in 2018 and is part of the REMCI Group, which has been active in various business areas since 2015. The business areas served by REMCI Finance GmbH enable all-finance consulting for all customers. This takes up and redefines the idea of “one-stop” advice. REMCI Finance maintains local as well as international cooperations with other financial service providers, financial institutions and investment companies. Further information: www.remcifinance.com.
About Fidelis Insurance Holdings Limited
Fidelis Insurance Holdings Limited is a privately-owned Bermuda-based holding company, which, through its subsidiaries, is a global provider of specialty insurance and reinsurance products. The core operating subsidiaries of Fidelis have financial strength ratings of A (Excellent) by A.M. Best Company, Inc. and A- by S&P. Additional information regarding Fidelis may be found at www.fidelisinsurance.com.
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