SAFECO subsidiary American States Business Insurance will now be called SAFECO Business Insurance. The change comes three years after SAFECO acquired Indianapolis-based American States Insurance, a purchase that filled SAFECO’s gap between its sizeable personal-lines and large-commercial books of business.
SAFECO initially maintained the American States brand because of its strength within the small and medium-sized business insurance market. The change does not alter any operational functions, and SAFECO Business Insurance headquarters will remain in Indianapolis.
In other news, Safeco has agreed to pay more than $1.1 million to Randy Stoddard in exchange for his resignation as head of the company’s property and casualty operations. The agreement was made in August, but only disclosed Tuesday.
According to federal filings, the payments include $375,000 in exchange for Stoddard’s releasing any claims he might have against Safeco and $763,181 payable over two years for his agreeing not to disparage, compete against or solicit employees from the company. The information was contained in Stoddard’s separation agreement, part of Safeco’s third-quarter report to the Securities and Exchange Commission. Stoddard resigned in August as part of a management shakeup.
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