Bank United Corp. of Houston has added auto and homeowners insurance to its lineup.
The $14.3 billion-asset thrift company has teamed up with Electric Insurance Co., a Beverly, Mass.-based underwriter, to offer the policies to customers and employees, said Frank Venutolo, director of its insurance efforts.
Bank United will market both lines, while Electric will actually sell the products through an "800" number, Mr. Venutolo said.
Auto and homeowners insurance will be offered in conjunction with mortgage life, credit life, disability, and accidpent insurance, which are already marketed through Bank United's Commonwealth Insurance.
Mr. Venutolo said Bank United chose Electric because of its nationally focused phone sales effort and its good back-office support.
The thrift company began offering the insurance to its employees two months ago, partly to educate them about the product for referrals, Mr. Venutolo said.
Among the Bank United's goals was finding policies that would be particularly competitive on price, Mr. Venutolo said.
He declined to say how many employees had signed up for coverage.