St. Paul Travelers cutting New Orleans business

ST. PAUL, Minn.—St. Paul Travelers Cos. Inc. plans to stop renewing many small and midsize commercial policies in the New Orleans area next year.

A spokeswoman for the St. Paul, Minn.-based insurer declined to specify how many policyholders would be affected.

The insurer found it had a high concentration of hurricane-prone risks in Louisiana and decided it would redistribute its exposures in the state, she said.

St. Paul Travelers is the second-largest writer of commercial property insurance in Louisiana, with a 7.3% market share, according to the spokeswoman.