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Safeco Acquires ACE USA's FIS Insurance Services Division.(Brief Article)
Safeco Corp. and ACE USA, the U.S.-based operating division of the ACE Group of Companies that is headed by ACE Limited, announced that Safeco Select Insurance Services will acquire ACE USA's Financial Institution Specialists division.
The acquisition of FIS's $80 million book of premium business 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. Its primary focus is on lender-placed fire, homeowners and flood insurance products that protect lenders from uninsured property losses.
FIS brings to Safeco Select an array of technological and program advancements, including the MaxSourcing insurance processing system, the Orion online remote insurance order network, lender-placed hazard insurance, auto collateral protection insurance, vendor single interest coverage and specialized financial institution coverages.
"The synergies between our two companies are tremendous and bringing them together was a natural thing to do," said Dale Yellin, president of Safeco Select. "As we go forward together, our combined roster of lender clients will benefit from expanded product solutions, increased technological innovation and service quality."
Terms of the agreement were not disclosed. Safeco Select will acquire most of FIS's nationwide insurance programs, including its Irvine, Calif. headquarters and its insurance servicing center in Latham, N.Y. ACE USA will retain ...
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Source: HighBeam Research, Safeco Acquires ACE USA's FIS Insurance Services Division.(Brief...