Align Credit Union launches insurance division
Lowell, Mass.-based Align Credit Union has launched a new insurance division centered on property and casualty protection.
Inlign Insurance Services LLC, headquartered in the credit union’s Danvers branch, will provide a variety of products to members and nonmembers, including home and auto insurance, as well as condo, renters, flood, boat, motorcycle, business lines and more.
“In the past, Align offered insurance through a partnership with a third-party. While our members received excellent service and pricing, we decided it was time to create our own insurance company to provide even greater service and savings,” said Inlign Insurance President Tom Hammond.
With lending slowing across the industry, many credit unions are making similar moves to this in order to provide additional streams of noninterest revenue, including Gulf Coast FCU, as reported last fall.
Align posted $1.5 million in net income during the first three quarters of 2019, up significantly from the $576,000 it posted during the same period of 2018. At $3.1 million, noninterest income through September 2019 was down by about 7.8% compared to one year prior.