Universal Underwriters, which provides 40 percent of property and casualty insurance to U.S. franchised automobile dealers (and a much higher percent in the DC area), has been sold by its parent corporation, Zurich Financial Services Group, for $1.1 billion to Hellman & Freeman LLC, a private equity investment firm based in San Francisco. The deal should close in the 3rd quarter of 2005 subject to regulatory approval.
While it is unknown what effect the sale will have on Universalês many DC area policy holders, WANADA Executive Vice President John OêDonnell reminds members that, WANADA has been developing a property and casualty insurance program for dealers and now may be the time to take a serious look for your store.Our goal is to offer competitive rates and stability to our members. As with employee benefits, weêre here for our Washington area dealers. Contact John OêDonnell and the WANADA Insurance Department at (202) 237-7200.
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