CRUM AND FORSTER/CRUMP E&S SIGN DEFINITIVE AGREEMENT FOR THE SALE OF LONDON BROKERS, LTD.
CRUM AND FORSTER/CRUMP E&S SIGN DEFINITIVE AGREEMENT
FOR THE SALE OF LONDON BROKERS, LTD.
BASKING RIDGE, N.J., Dec. 19 /PRNewswire/ -- Crum and Forster, Inc. (C&F), the insurance holding company subsidiary of Xerox Financial Services, Inc., announced that its wholly owned subsidiary, The London Agency, Inc., today has signed a definitive agreement to sell London Brokers, Ltd., a wholesale broker.
The business of London Brokers Ltd., a management organization of The London Agency, Inc., will be sold to Crump E&S of Dallas, a wholesale broker and managing general agency for commercial risks.
London Brokers is an insurance wholesaler servicing retail producers by providing access to specialty markets in the southeast. It is an operating unit of The London Agency, Inc., a leading U.S. writer of umbrella and specialty property coverages for wholesale producers.
The transaction represents another step in an overall program which C&F began in 1990 to sharpen its strategic focus on and devote its resources to its U.S. commercial/property casualty operations, according to C&F chairman and chief executive officer Robert J. Vairo.
Crum and Forster's major operating units include Crum & Forster Commercial Insurance, Industrial Indemnity Company, Crum & Forster Managers Group, The London Agency, Inc., Viking Insurance Company of Wisconsin and Constitution Reinsurance Corporation.
/CONTACT: Joan Bianco, 909-204-3863, or Andrew L. Letendre, 908-204-3758, both of Crum and Forster/ CO: Crum & Forster, Inc.; The London Agency, Inc.; London Broker ST: New Jersey IN: INS SU: TNM SM-FC -- NY071 -- 4022 12/19/91 15:16 EST