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Article: Travelers changes course, exits U.S. general aviation; Capacity remains abundant, but some see move as catalyst.(NEWS)
- Article from:
- Business Insurance
- Article date:
- October 26, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ZACK PHILLIPS
Travelers Cos. Inc. is exiting the U.S. general aviation market, in a move that market sources say could help start a turnaround in that sector's soft market conditions.
Hartford, Conn.-based Travelers' U.S. general aviation practice has stopped quoting new business, a spokeswoman confirmed Friday. The firm will honor existing quotes but will not write new business effective after Dec. 31, 2009. Travelers will run off existing policies effective beyond that date, she said.
"The company had been pleased with the performance (of the U.S. general aviation unit) thus far, but the coverage limits and reinsurance required to be ...