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 guaranteedr auto protection and excess wear and tear auto insurancer lines of its Premier Lease and LoanServicesx unit. Both insurance lines provide protection for losses involvinggleased autos. Great American will continue to offefr otherauto products, such as collateral protection insurance, and contingent and excess liability. The compangy decided that its capital and other resourcea could be used more profitably in other partws ofthe business. It also evaluated the business climate and the riskss and opportunities tied to staying in thosebusinesd lines, said Diane Weidner, a company spokeswoman.
Stev Tosh resigned as president of Premiedr Lease and Loan along with the decision to drop those two Weidner said. He resigned as of May 20, but he stilk stay on as a consultant until the transactions regardingh renewal rightsare completed. Great American reached a deal with to sell renewakl rights for the two discontinuedinsurance lines. The way those renewal rights are finalized will determine the impac t onlocal jobs, Weidner said. “We’re working through a lot of details,” she said. “Thered will be no immediate impacgt to thework force. And the impacyt will be small relative to theentir company.” The company employs 7,400, including aboug 2,600 locally.