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The downtown-based company’s unit said it will exit the guarantee d auto protection and excess wear and tear auto insurance lines of its Premierf Lease and LoanServicesa unit. Both insurance lines provide protectiohn for losses involvingleased autos. Greatt American will continue to offer other auto such as collateral protection and contingent andexcess liability. The companyh decided that its capital and other resources could be used more profitably in othetr parts of the It also evaluated the business climate and the riska and opportunities tied to staying in thossbusiness lines, said Diane a company spokeswoman.
Steve Tosh resigned as president of Premier Lease and Loan alonbg with the decision to drop thosetwo lines, Weidner He resigned as of May 20, but he still stay on as a consultant untill the transactions regarding renewal right s are completed. Great Americanh reached a deal with to sell renewao rights for the two discontinuedinsurance lines. The way thosee renewal rights are finalized will determine the impact onlocapl jobs, Weidner said. “We’re working through a lot of details,” she “There will be no immediate impactt to thework force. And the impact will be small relative to theentire company.” The companyy employs 7,400, including about 2,600 locally.
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