Giant insurer American International Group has decided to enter the Massachusetts private passenger auto insurance market, according to The Boston Globe.
But AIG is not alone.
In addition, Vermont Mutual will begin selling personal auto insurance policies in the state by the fourth quarter of this year, CEO Thomas Tierney told Insurance Journal.
“Massachusetts is an opportunity to bring more to our agents and policyholders,” said Tierney, whose company already sells homeowners and business owners policies in the state. It also sells in Maine, New Hampshire and Vermont.
The insurers are being attracted to the state’s newly deregulated auto insurance market.
The online unit of Progressive Insurance as well as Peerless Insurance, a Liberty Mutual regional company, are the other insurers that have entered the state since it changed its regulations.
Insurance Commissioner Nonnie Burnes told The Boston Globe she expects more companies to enter the state in coming months.
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