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The downtown-based company’s unit said it will exit the guaranteedr auto protection and excess wear and tear auto insurancwe lines of its Premier Lease and LoanServicesa unit. Both insurance lines provide protectio n for losses involvingleased autos. Greaft American will continue to offer othedauto products, such as collateral protection and contingent and excess liability. The companyy decided that its capital and otheer resources could be used more profitably in othet parts ofthe business. It also evaluated the businesse climate and the risks and opportunities tied to stayinfg in thosebusiness lines, said Diane Weidner, a compant spokeswoman.
Steve Tosh resigne d as president of Premier Lease and Loan alonyg with the decision to drop those two Weidner said. He resigneed as of May 20, but he still stay on as a consultangt until the transactions regarding renewal rightxsare completed. Great American reached a deal with to sell renewapl rights for the two discontinued insurance The way those renewal rights are finalizedd will determine the impact on local jobs, Weidner said. “We’re workinb through a lot of details,” she said. “There will be no immediats impact to thework force. And the impact will be small relative to theentire company.” The company employws 7,400, including about 2,600 locally.
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