Travelers Property Casualty Launches Nonstandard Auto Program in New York State
16 February 1998
Travelers Property Casualty Launches Nonstandard Auto Program in New York State
Program Brings Improved Coverage For New York Drivers and Jobs to Travelers
Offices in Glens Falls and Buffalo
HARTFORD, Conn., Feb. 16 -- Travelers Property Casualty Corp.
announced today that it has entered the market for nonstandard
automobile insurance in New York and will now offer coverage in that state to
drivers with accidents or violations on their records, those with no or
limited driving experience and those who drive high performance vehicles.
Peter Bothwell, senior vice president, Personal Lines at Travelers Property
Casualty, said the company has received all required approvals for its
nonstandard program from New York's Insurance Department. Bothwell, who is
heading up a dedicated business unit known as Travelers Specialty Auto,
said Travelers will sell this nonstandard coverage through its network of
independent insurance agents in New York Bothwell said, "Our nonstandard
program allows our agents in New York to offer a Travelers personal auto
policy to a much larger customer base. This program also permits Travelers
to continue providing coverage for customers even if their driving record
and risk profile changes." Bothwell said Travelers entry into the
nonstandard market is "good news for drivers in New York."
"The presence of Travelers in the nonstandard market increases the
availability of coverage for drivers at higher risk who might otherwise
have to turn to the assigned risk plan," Bothwell said. "Travelers entry
into the market also increases the level of competition for auto
insurance, which can only help hold down prices for consumers."
Bothwell said "Travelers nonstandard program is also a plus for New York's
employment picture, because it is creating new jobs in the state." He said
the Travelers office in Glens Falls was named in August as the national
service center for the company's nonstandard program. At that time,
Travelers announced its decision to add at least 400 new jobs there,
200 hundred of which will support nonstandard auto. Bothwell said 40 of these
positions were filled soon after the announcement and that another group of
approximately 40 people have been hired and will complete their training
within the next few weeks. He said Travelers Buffalo office has also been
selected as a regional claims center for the nonstandard program. This will
bring an additional 60 to 80 jobs to that part of the state over the next two
years, Bothwell said. The launch of the Travelers program in New York
builds off success the company has had with pilot nonstandard programs in
Texas and Alabama. The company's Travelers Specialty Auto unit will roll
out the program to nine additional states during the next year. Bothwell
also said, "The positive regulatory and business climate in New York is
making that state an attractive place for Travelers to expand both its
range of products and employment base. We appreciate the cooperation and
work of the Insurance Department and economic development officials in New
York." Bothwell said Travelers was pleased to be launching its nonstandard
program while the company is celebrating the 100th anniversary of the
first auto insurance policy. Travelers is widely credited with having
issued the first auto policies in the nation in 1897 and 1898. Travelers
Property Casualty is a leading provider of a broad range of insurance
products and services for commercial markets. The company is also a
leading provider of homeowners and automobile insurance for consumers.
Travelers Property Casualty is a member of Travelers Group , a
diversified financial services company.
SOURCE Travelers Property Casualty Corp.
