Zurich's Farmers Group to Buy US Auto Insurer Bristol West

Swiss insurer Zurich Financial Services AG said Friday that an American subsidiary intends to buy Bristol West Holdings Inc. for around $712 million, helping to beef up the Swiss insurer's U.S. operations.

Bristol West, an auto insurer based in Davie, Fla., confirmed that it had agreed to be acquired by the Zurich Financial's wholly owned subsidiary Farmers Group Inc., which offers a range of insurance and other products. The cash offer to Bristol West shareholders works out to $22.50 a share.

As part of the transaction, Farmers will immediately sell the underlying insurance business to the Farmers Exchanges, which Farmers Group manages but doesn't own.

"Adding Bristol's auto insurance business to the Farmers platform is a great fit and contributes to increase our outreach,'' said Farmer Group Chief Executive Paul Hopkins.

New priest compensation plan to take effect July 1

BRIGHTON -- The Archdiocese of Boston will increase priest stipends on July 1 in an effort to compensate for higher living expenses and defray the cost of Social Security. The goal of the new policy is to be fair and just for all priests, according to Father Robert Connors, chair of the Stipend Committee.

The benefits package for archdiocesan priests was recently approved by Cardinal Sen P. OMalley after two consultations with the Presbyteral Council. The policy is usually reviewed about every three years but has not been changed since 2003, except for annual cost of living increases of 3 percent.

Father Arthur M. Coyle, secretary for pastoral and ministerial services, laid out the two primary reasons for the increase in a letter to the priests of the archdiocese.

BY MIKE SULLIVAN

NORTH AURORA -- One of life's most frustrating -- and expensive -- propositions is getting your car to the shop for regular maintenance. Or worse -- getting your car repaired.
But a new company says beleaguered motorists no longer need rely on the phone book or an Internet search to determine which shop will give them the best price and most responsive service.
Ianauto.com (International Automotive Network+auto) has arrangements with professional mechanics who provide online estimates for needed repairs in just a few minutes, says Drew Turnbaugh, president.
He says he dreamed up the concept a few years ago. Last year, with the help of a silent partner, Turnbaugh got financial backing from business developers and rolled out Ian Auto.
Turnbaugh left his previous job, staffing and training of people for the mortgage industry, in order to devote more time to his company, based in North Aurora.