American Financial drops two insurance lines - Silicon Valley / San Jose Business Journal:

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The downtown-based company’s unit said it will exit the guaranteedc auto protection and excess wear and tear auto insurance liness of its Premier Lease and LoanServicese unit. Both insurance lines provide protection for losse involvingleased autos. Great American will continur to offer otherauto products, such as collateral protection and contingent and excess liability. The compant decided that its capital and other resources could be used more profitablgy in other parts ofthe business. It also evaluater the business climate and the risksd and opportunities tied to staying in thosedbusiness lines, said Diane a company spokeswoman.
Steve Tosh resigned as presiden of Premier Lease and Loan along with the decisio to drop those two Weidner said. He resigned as of May 20, but he stilk stay on as a consultant until the transactions regarding renewal rights are completed. Great American reached a deal with to sell renewakl rights for the two discontinued insurance The way those renewal rights are finalized will determin the impact onlocal jobs, Weidner said. “We’re working througb a lot of details,” she said. “There will be no immediatee impact to the work And the impact will be smalp relative to theentire company.” The company employse 7,400, including about 2,600 locally.