The St. Paul Cos. Set Up New Program Business Unit
NU Online News Service, Dec. 5, 3:50 p.m. EST?The St. Paul Companies said today that the group had formed a new underwriting operation for national program business.
The Saint Paul, Minn.-based insurance group announced the new unit as an addition to its portfolio of specialty commercial business units.
The Specialty Programs operation will focus on large groups of policyholders that are national in scope and have similar risk characteristics such as franchises and associations, the company said.
The St. Paul said current program business it writes includes entertainment and leisure, personal watercraft, sports, service industries, equipment rental and retail.
Kevin Rehnberg, senior vice president of specialty commercial, said, the company saw an opportunity to grow in the program business area by creating a business unit solely dedicated to it.
"Specialty programs will manage program business directly and act as a resource for this type of business throughout the company," he said.
The Specialty Program business unit will be based at corporate headquarters in Saint Paul and will be led by Jon Farber, vice president.
The St. Paul reported 2001 revenue from continuing operations of $8.9 billion and total assets of $38.3 billion.
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