Xerox seeks takeover of insurance company

Xerox Corporation announced a major move into the financial services industry by agreeing to acquire the Crum & Forster insurance company for $1.6 billion.

A Xerox spokesman said the deal, involving $55 worth of Xerox stock or cash for each Crum & Forster share, would put the giant copy machine maker into a business certain to expand in the 1990s. Sears, Roebuck & Co. had been rumored to be negotiating a takeover of the company.