Safeco enters into book transfer agreement
First American Financial Corporation, a global provider of title insurance, settlement services and risk solutions for real estate transactions, announced that its property and casualty insurance subsidiaries have entered into book transfer agreements with Safeco, a Liberty Mutual Company, and Heritage Insurance Holdings. The agreements provide qualifying First American property and casualty insurance agents and customers an opportunity to efficiently 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.
“Safeco and Heritage are leaders in book transfer arrangements and have a strong commitment to serving independent agents,” said Dennis J. Gilmore, CEO, First American Financial Corporation. “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.”
The company expects the transfer to be completed by the end of the third quarter of 2022.