SAFECO Corp. and ACE USA announced an agreement for SAFECO Select Insurance Services Inc. to acquire ACE USA’s Financial Institution Specialists (FIS) division. The acquisition of FIS’ $80-million book of premium will more than double the size of SAFECO Select, a wholly-owned subsidiary of SAFECO Corp., and make the operation one of the nation’s largest providers of lender-placed hazard insurance, outsourcing, and other insurance products and services for financial institutions. While terms of the agreement were not disclosed, SAFECO Select will acquire most of FIS’ nationwide insurance programs, its Irvine, Calif., headquarters and its insurance servicing center in Latham, N.Y. ACE USA will retain FIS’ Direct Specialists business unit that markets optional insurance programs, including Disaster Mortgage Protection(SM), through financial institutions and other direct consumer opportunities.
Topics Mergers & Acquisitions
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