In this week's news will talk about how Transatlantic Underwriters launches new P&C division, Tariffs to fuel surge in auto and home insurance premiums, and much more…
Travelers reports financial blow after wildfires
Catastrophe losses of $2.266 billion, driven by the January 2025 California wildfires, contributed to a decline in Travelers' first-quarter net income to $395 million, down from $1.123 billion last year.
Core income also dropped to $443 million, compared to $1.096 billion in the same period of 2024.
Despite these losses, the company managed to offset some of the impact through improved underwriting performance and investment gains.
Core income also dropped to $443 million, compared to $1.096 billion in the same period of 2024.
Despite these losses, the company managed to offset some of the impact through improved underwriting performance and investment gains.
Progressive Insurance expands truck cargo coverage in 42 states
Progressive Insurance is expanding protections for for-hire truckers with the launch of a new endorsement called Cargo Plus, now available in 42 states across the US.
Cargo Plus builds on Progressive’s existing motor truck cargo policy, which covers legal liability for damage to goods under a trucker’s control. The endorsement introduces added protections against damage caused by wetness, rust, and corrosion, and includes coverage for temperature fluctuations on refrigerated loads for policyholders with Refrigeration Breakdown coverage.
“Our trucking customers rely on Progressive Commercial for a broad range of insurance solutions, competitive pricing, and excellent customer service. The new Cargo Plus endorsement allows us to better serve the coverage needs of our trucking customers,” said Peter Niro, truck product development manager at Progressive.
Cargo Plus is automatically included in new Progressive policies with Motor Truck Cargo coverage. Current customers with qualifying cargo or refrigeration coverage are also eligible to receive the enhanced benefits prior to policy renewal.
Cargo Plus builds on Progressive’s existing motor truck cargo policy, which covers legal liability for damage to goods under a trucker’s control. The endorsement introduces added protections against damage caused by wetness, rust, and corrosion, and includes coverage for temperature fluctuations on refrigerated loads for policyholders with Refrigeration Breakdown coverage.
“Our trucking customers rely on Progressive Commercial for a broad range of insurance solutions, competitive pricing, and excellent customer service. The new Cargo Plus endorsement allows us to better serve the coverage needs of our trucking customers,” said Peter Niro, truck product development manager at Progressive.
Cargo Plus is automatically included in new Progressive policies with Motor Truck Cargo coverage. Current customers with qualifying cargo or refrigeration coverage are also eligible to receive the enhanced benefits prior to policy renewal.
Transatlantic Underwriters launches new P&C division
Transatlantic Underwriters (TAU), a Marietta, Georgia-based wholesale insurance brokerage specializing in transportation risks, has launched a new Property and Casualty (P&C) division. The expansion adds six new lines of business: Commercial General and Excess Liability, Commercial Property, Inland Marine, Builders Risk, and Garage.
The new division is part of the company’s broader strategy to diversify its service offerings while maintaining a focus on its core transportation clients. To lead the division, TAU has appointed Bernadette Flores as Senior Vice President of Property & Casualty. Flores brings more than 24 years of experience in the excess and surplus (E&S) P&C market, with a background in contractors, garage, habitational, and hospitality risks. She will be based in the company’s San Francisco Bay Area office.
“Since founding TAU, I’ve always envisioned expanding beyond our transportation specialty when the timing was right,” said Colby Waltenburg, President of Transatlantic Underwriters. “Our transportation operations are thriving, and we’re now positioned to diversify our offerings to better serve existing customers and welcome new partners.”
The new division is part of the company’s broader strategy to diversify its service offerings while maintaining a focus on its core transportation clients. To lead the division, TAU has appointed Bernadette Flores as Senior Vice President of Property & Casualty. Flores brings more than 24 years of experience in the excess and surplus (E&S) P&C market, with a background in contractors, garage, habitational, and hospitality risks. She will be based in the company’s San Francisco Bay Area office.
“Since founding TAU, I’ve always envisioned expanding beyond our transportation specialty when the timing was right,” said Colby Waltenburg, President of Transatlantic Underwriters. “Our transportation operations are thriving, and we’re now positioned to diversify our offerings to better serve existing customers and welcome new partners.”
Gallagher completes $1.2 billion deal with Woodruff Sawyer
Arthur J. Gallagher & Co. has completed its $1.2 billion acquisition of San Francisco-based insurance broker Woodruff Sawyer.
The deal, first announced in March, followed a competitive process in which Gallagher moved ahead of other interested parties, including WTW and Brown & Brown.
The acquisition is part of Gallagher’s broader strategy to expand its property and casualty operations and increase its presence in sectors such as management liability, construction and real estate. Woodruff Sawyer will operate under Gallagher’s US retail property and casualty brokerage division. Its chief executive officer, Andy Barrengos, will report to Peter Doyle, who leads that unit.
Woodruff Sawyer provides commercial property/casualty insurance, employee benefits, and risk management services. It focuses on middle and large-market clients and operates from 14 offices across the United States, as well as one location in the United Kingdom. The firm employs more than 600 people.
The deal, first announced in March, followed a competitive process in which Gallagher moved ahead of other interested parties, including WTW and Brown & Brown.
The acquisition is part of Gallagher’s broader strategy to expand its property and casualty operations and increase its presence in sectors such as management liability, construction and real estate. Woodruff Sawyer will operate under Gallagher’s US retail property and casualty brokerage division. Its chief executive officer, Andy Barrengos, will report to Peter Doyle, who leads that unit.
Woodruff Sawyer provides commercial property/casualty insurance, employee benefits, and risk management services. It focuses on middle and large-market clients and operates from 14 offices across the United States, as well as one location in the United Kingdom. The firm employs more than 600 people.
Tariffs to fuel surge in auto and home insurance premiums
Last week, President Trump unveiled a slew of tariffs including a 25% duty on all cars and car parts imported to the U.S. as well as expanded tariffs on key construction and manufacturing materials such as steel, aluminum and lumber. Additional materials such as electronic components, machinery and commercial goods are also facing tariffs.
While these measures are intended to reduce dependence on foreign goods and stimulate domestic production, rising costs will be borne by consumers, manufacturers and insurance companies.
Generally, geopolitical instability from budding trade wars is likely to result in hesitation from insurers. The National Insurance Alliance (NIA), a specialty insurance service provider based in the British Cayman Islands, anticipated that insurers may freeze capital commitments, particularly in inland marine shipping and manufacturing, and postpone major policy decisions until trade policies become clearer and the geopolitical landscape stabilizes.
While these measures are intended to reduce dependence on foreign goods and stimulate domestic production, rising costs will be borne by consumers, manufacturers and insurance companies.
Generally, geopolitical instability from budding trade wars is likely to result in hesitation from insurers. The National Insurance Alliance (NIA), a specialty insurance service provider based in the British Cayman Islands, anticipated that insurers may freeze capital commitments, particularly in inland marine shipping and manufacturing, and postpone major policy decisions until trade policies become clearer and the geopolitical landscape stabilizes.
