First American exits P&C business with Safeco-Heritage book transfer deal
First American Financial Corporation, a global provider of title insurance and risk solutions, has entered into property and casualty book transfer agreements with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings.
The move follows its decision to exit the property and casualty lines of business in order to enhance focus on its core business.
The agreements provide First American's property and casualty insurance agents and customers an opportunity to efficiently transfer their policies to Safeco or, in certain circumstances, Heritage.
The company expects the transfer to be completed by the end of the third quarter of 2022.
Dennis Gilmore, CEO of First American, said: “Safeco and Heritage are leaders in book transfer arrangements and have a strong commitment to serving independent agents. These agreements allow us to exit our property and casualty operations, while providing a valuable option for many of our agents and customers to move forward with established and well-respected carriers.”
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