Agreement Signed for Sale of Floyd West & Co.
Dec. 30, 1992
BASKING RIDGE, N.J. (AP) _ Crum and Forster Inc., Xerox Financial Services Inc.'s insurance subsidiary, said Monday it has signed an agreement to sell two insurance wholesalers and completed the sale of a third.
The stock of Floyd West & Co. and Floyd West of Louisiana Inc. will be sold to Burns & Wilcox Ltd., of Southfield, Mich., a wholesale broker and managing general agency for commercial risks.
Floyd West & Co. provides retail insurance companies access to specialty markets in the southwest. Floyd West of Louisiana Inc., provides similar services in Louisiana.
Both companies are operating units of The London Agency Inc., a C&F subsidiary and a leading U.S. writer of umbrella and specialty property coverages for wholesale producers.
The business and fixed assets of London Brokers, Ltd., which provides retail insurance companies access to specialty markets in the Southeast, have been sold to Crump E&S of Dallas. That sale was announced Dec. 19.
Purchase prices for the deals were not disclosed.
Robert J. Vairo, C&F chairman and chief executive, said the transaction represents another step in an overall program that C&F began in 1990 to sharpen its strategic focus on and devote its resources to its U.S. commercial-property casualty operations.
C&F's major operating units include Crum & Forster Commercial Insurance, Industrial Indemnity Co., Crum & Forster Managers Group, The London Agency Inc., Viking Insurance Co. of Wisconsin and Constitution Reinsurance Corp.