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NEW ORLEANS--St. Paul Travelers Cos. Inc. will not renew about 40% of its commercial property policies for New Orleans, according to a spokeswoman for Louisiana Insurance Commissioner James Donelon.
Travelers had been considering not renewing about 80% of the commercial coverage that it provides in the area, the spokeswoman said, amounting to about $2.4 billion in premiums.
But following negotiations with Mr. Donelon, Louisiana's largest commercial insurer will scale back only about 40% of its coverage, or $1.2 billion in premiums, the spokeswoman said. The cutback is expected to impact mostly small and midsize accounts and is consistent with cutbacks by other insurers.
A spokeswoman for St. Paul Travelers declined to detail the insurer's original plans, but she did confirm that it will now reduce its writing by only 40% in New Orleans and 30% in Louisiana coastal areas.