transportation insurance News

Transportation Insurer Lancer to Merge Into Core Specialty

Commercial auto insurer Lancer Insurance Co. has agreed to merge with another specialty insurer, Core Specialty, where it will operate under its own brand name as Core Specialty’s ninth specialty property/casualty business unit. The deal marks Core Specialty’s first merger …

Progressive to Buy Transportation Insurer Protective for $338 Million

The Progressive Corp. is acquiring Indiana-based trucking industry insurer Protective Insurance Corp. in a move that will increase its stake in the commercial lines insurance market. Progressive has agreed to pay $23.30 per share in cash, for a total transaction …

COVID Vaccine Rollout Spurs Demand for Extra Insurance Coverage

LONDON – Speedy global delivery of COVID-19 vaccines by air and sea in ultra cold conditions will lead to a jump in cargo insurance rates and spur demand for new areas of coverage, leaving underwriters on high alert. Pharmaceutical companies …

Is the Aviation Insurance Market Ready for a COVID-19 Vaccine?

As the development, and possible mass production, of COVID-19 (C-19) vaccines gather speed, the transportation and logistics industry will need to turn its attention to how the product can be safely and efficiently distributed. Recent figures from the International Air …

New Ventures, Driver Shortage Among Challenges in Trucking Insurance Market

The transportation industry is considered a barometer of the U.S. economy. If freight is trending up, so too is the U.S. economy. But capacity constraints for trucking – including a shortage of qualified drivers, low truck supply and the rising …

Public Transit Systems See Rise in Liability Losses

Nationally, public transit systems are seeing a steady increase in liability claim severity, even as ridership declines, according to a new study from Aon. Aon’s study found that overall public transit liability claim frequency is growing 1 percent annually, with …

Is Hyperloop Transportation Technology Feasible or Insurable?

Hyperloop Transportation Technologies wants to build a tube-based inter and intra-city transportation system to transport passengers and cargo at high speeds. As part of its efforts to gain support, it sought to assure people that its technology is feasible. The …

Transportation Insurer National Interstate Promotes Skuggen, Adds AIG’s Blankenship

National Interstate Insurance Co. announced the promotion of George Skuggen to senior vice president and the hiring of Steve Blankenship as vice president, Passenger Transportation. In his new role, Skuggen will oversee National Interstate’s Truck and Environmental, National Accounts and …

How Kilkenny and Kimmel Have Grown K2 Insurance Services

Pat Kilkenny and Bob Kimmel put the K’s in K2 Insurance Services five years ago. That’s when they began using their combined 60 years of insurance experience to work buying up and developing businesses with the backing of investment firm …

National Interstate Accepts $660M Buyout by American Financial

National Interstate Corp., the provider of insurance to the transportation industry, accepted majority-owner American Financial Group Inc.’s sweetened bid of $32 a share to buy the stock that it doesn’t already own. The offer values National Interstate at about $660 …