Louisiana Insurance Commissioner Jim Donelon said that St. Paul Travelers Insurance Company has promised to cut back on the number of commercial customers it had planned to nonrenew in the aftermath of Hurricane Katrina.
Mr. Donelon addressed the New Orleans City Council yesterday and later told NU Online News Service that the St. Paul-based company will renew business representing about 60 percent of the $3 billion coverage it writes in catastrophe-prone areas of the state, while leaving the rest to seek new insurers.
The company had previously announced plans to nonrenew about 80 percent of its affected coverage.
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