USF&G Corp. is teaming up with Cleveland-based KeyCorp, a banking company and the nation's largest lender to small businesses, to market commercial property and casualty insurance to the bank's customers, the companies said yesterday.
KeyCorp, with its $70 billion in assets, has 400,000 small-business customers that USF&G hopes to tap.
"This new alliance will substantially strengthen our position in the small commercial market," said Kim B. Rich, president of USF&G's Family and Business Insurance Group.
Rich said the Baltimore-based USF&G, which has $14.8 billion in assets, will not compete with its own agents.
Glenn Kenney, USF&G's vice president of emerging distribution, said KeyCorp has 300 managers who work with small-business customers. Those managers will refer their customers to USF&G.
The alliance will link KeyCorp's small-business customers with USF&G staff in licensed sales, underwriting, customer service and claims.
The insurance offered by USF&G will add new products to
KeyCorp's list of financial services.
"We will create a one-stop shop where small-business owners can get everything they need to keep their business running strong," said Roger E. Dunker, president and chief executive officer of KeyCorp's Insurance Management Group.
Dunker said studies show that insurance coverage is one of the major concerns of most small businesses today.
Pub Date: 10/18/97