CRUM AND FORSTER TRANSFERS CANADIAN OPERATIONS
CRUM AND FORSTER TRANSFERS CANADIAN OPERATIONS BASKING RIDGE, N.J., Dec. 3 /PRNewswire/ -- Crum and Forster, Inc.
(C&F), the New Jersey-based insurance holding company subsidiary of Xerox Financial Services, Inc., today announced that its Canadian operations have been assumed by the General Accident Assurance Company of Canada (GAAC), one of Canada's leading multi-line insurers.
C&F had previously announced the signing of a letter of intent with GAAC on May 23, 1991. C&F's Canadian operations involve the insurance business which is managed by Crum & Forster of Canada, Ltd., a managing general agency, and written through Herald Insurance Company, a federally licensed property/casualty company, and the Canadian branch of United States Fire Insurance Company. Robert J. Vairo, chairman and chief executive officer of Crum and Forster, Inc., said the transfer to GAAC is part of "an overall program which C&F began in 1990 to sharpen its strategic focus within its dominant U.S. commercial property/casualty operations." The Canadian operations combined written premium for 1990 was approximately $67 million (Canadian dollars), which represented approximately two percent of Crum and Forster's total volume in 1990. The transfer has been approved by U.S. and Canadian regulatory agencies and the boards of directors of GAAC and the Crum and Forster companies. Based in Toronto, GAAC conducts business throughout Canada, and provides all lines of insurance including fire and allied lines, automobile, fidelity, surety, and other casualty lines. GAAC is owned by General Accident Fire and Life Assurance Corporation, Plc Perth, Scotland. 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. -0- 12/3/91 /CONTACT: Joan Bianco, 908-204-3863, or Andrew Letendre, 908-204-3758, both of Crum and Forster/ (XRX) CO: Crum and Forster, Inc.; General Accident Assurance Company of Canada ST: New Jersey, Connecticut IN: INS SU:
FC-SM -- NY073 -- 8874 12/03/91 15:43 EST
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|Date:||Dec 3, 1991|
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