Business Moves
Zurich, Employers and the World Trade Center Site Owner
A deal in which the owner of the World Trade Center site would take control of two towers being built there from a private developer is a step closer to being finalized.
The Port Authority of New York and New Jersey filed a lawsuit in June after seven of its insurance companies said the deal, inked in April, could impede how much money would be provided to rebuild. The suit sought assurances from the companies that property claims would be settled.
Zurich American Insurance Co. and the Employers Insurance Company of Wausau agreed the deal would not be a problem. That leaves five companies tied up in the suit, Port Authority officials said.
Under the deal, known as a conceptual framework, developer Larry Silverstein would build three towers on the site and pay an additional $1.75 billion in rent over his 99-year lease in exchange for promises to fill more than one million square feet of office space under his control with state and city leases. The Port Authority promised to secure additional leases and would move executive offices into the Freedom Tower.
The Port Authority would take over the Freedom Tower and a fifth tower, located just off the site, which Silverstein
said likely would become an apartment building.
Port Authority and city and state officials praised the two insurance companies’ decision.
“I urge the remaining insurance carriers to follow Zurich’s lead so that we can continue to move full steam ahead with the rebuilding,” Mayor Michael Bloomberg said in a statement.
The Port Authority hoped to finalize the deal at its board meeting Sept. 21.
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Progressive Drive, Homesite
Drive Insurance from Progressive, a writer of auto insurance through independent agents and brokers in the U.S., signed a joint marketing agreement with Homesite Insurance Group, a national provider of home insurance products. The agreement paved the way for a test that will allow selected Drive agents in three states—Ohio, Pennsylvania and Oregon—to provide their Drive auto insurance customers quotes for homeowners, renters and condo insurance policies underwritten and serviced by Homesite.
New or existing Drive Insurance customers are eligible for a homeowners quote from Homesite if they have prior auto coverage without a lapse and at least 100/300 liability limits.
Drive and Homesite will work together to identify a hand-selected group of about 150 agents in the three states to whom this program will be offered. Drive agents will sign an agency agreement and be appointed by Homesite to become an agent of record owning expiration rights to policies sold.
Further rollout may happen in 2007.
The products and services of the Drive Group of Progressive Insurance Companies are marketed to consumers under the Drive Insurance from Progressive brand through more than 30,000 independent insurance agencies in the U.S.
Source: Progressive