BANKING / FINANCE
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Avco Refocuses: Avco Insurance Services in Irvine is peddling its fidelity and surety department as part of an effort to refocus on its core business--providing credit insurance for financial institutions.
Avco is negotiating with two firms for the sale of the department, said Warren Proulx, senior vice president of underwriting.
Fidelity and surety are forms of insurance used to guarantee that a contract is fully performed. Contractors, for instance, are usually required to buy surety bonds to guarantee that they will build a structure properly.
“That sort of business doesn’t fit strategically with what we do,” Proulx said.
Avco primarily insures banks and savings and loans against losses sustained in extending credit to consumers.
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