Automobile Protection Corporation Settles Pru Re Successor, Everest

Automobile Protection Corporation (APCO) says it has entered into a confidential agreement to settle its lawsuit against Everest Reinsurance Company (formerly Prudential Reinsurance Company), which was filed on September 12, 1996.

Martin J. Blank, chairman and COO, says, "While the specific terms of the settlement are confidential, I am pleased to report that we have resolved, to our satisfaction, all of the issues raised in our complaint against Everest Reinsurance Company. Management remains comfortable with the charge recorded in the fourth quarter of 1996 to cover future payments and does not anticipate any future charges."

APCO, established in 1984, markets and administers products and services to automobile and recreational vehicle dealers. The company's core business is the marketing and administration of EasyCare Vehicle Service Contracts and the EasyCare Certified Pre-Owned Vehicle Merchandising Program. The Company also administers warranty and service contract products under private labels for financial institutions, an insurance company and a manufacturer.