SAFECO Select changes name to SAFECO Financial Institution Solutions

SAFECO Corp. announced that wholly owned subsidiary SAFECO Select Insurance Services, based in Santa Ana, Calif., has changed its name to SAFECO Financial Institution Solutions to reflect the broader array of property and casualty insurance products and services it now offers financial institutions.

SAFECO’s acquisition last fall of ACE USA’s Financial Institution Specialists division brought $80 million of additional premium to the company’s book of business, making SAFECO Financial Institution Solutions the second-largest provider of lender-placed hazard insurance outsourcing and tracking, as well as other property and casualty insurance products and services for financial institutions.

“Our new name makes clear that we are committed to providing the finest solutions in the industry, be they insurance programs, technologies, or services,” said Dale Yellin, president, SAFECO Financial Institution Solutions. “And, our new name better communicates the enhanced value that, as a result of the acquisition, we now offer our clients and the marketplace.”

SAFECO Financial Institution Solutions’ primary focus is protecting lenders from uninsured losses to their home and auto loan portfolios from such perils as fire, flood and vandalism/theft. The company’s newly combined roster of lender clients, expanded product solutions, professional expertise, technological innovation and service quality have brought a heightened sense of enthusiasm to employees, according to Yellin.

“We have an outstanding team in place, with well-blended operations that are taking full advantage of new efficiencies, commented Yellin.

“With a strong research and development program underway and new products already emerging from the drawing board, we believe we are well positioned to challenge for the lead in this industry.”