Farmers Enters Partnerships.In an indication of its ambitious expansion plans, Los Angeles-based Farmers Insurance Group announced partnerships with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Ulico Insurance Group, a company that provides commercial insurance to the AFL-CIO AFL-CIO: see American Federation of Labor and Congress of Industrial Organizations. AFL-CIO in full American Federation of Labor-Congress of Industrial Organizations U.S. and other unions representing more than 16 million workers. Bank of America, the nation's largest bank, will offer Farmers' home and auto insurance to its customers, while Farmers will market the bank's accounts, credit cards and loans through its 17,000 agents, the companies said. The labor alliance also gives Farmers an exclusive right to offer homeowners and auto insurance to workers whose unions are served by Ulico, which provides liability, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and commercial property insurance to labor organizations. Farmers, the nation's No. 3 auto and home insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , aims to triple its $11 billion in premium sales in four years, a plan that if successful would make the company a rival to market leader State Farm Insurance, company officials said. |
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