Reinsurance News

First American enters P&C book transfer deal

22nd January 2021 - Author: Katie Baker

First American Financial Corporation’s property and casualty insurance subsidiaries have entered into book transfer agreements with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings.

handshake-bwThe agreement, which is expected to complete by the end of the third quarter of 2022, will provide qualifying First American property and casualty insurance agents and customers an opportunity to transfer their policies to Safeco or, in certain circumstances, Heritage.

The entry into these agreements is the result of the initiation of a process by the company, announced in October of last year, to exit its property and casualty business and to maintain focus on its core business.

Dennis J. Gilmore, CEO, First American Financial Corporation commented: “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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