Proposal to help utilities shoulder billions in potential liability costs while offering relief to wildfire victims.

Progressive, Travelers Cos. and Chubb have collectively decreased their holdings of municipal bonds by $2.37 billion.

Progressive, Travelers Cos. and Chubb have collectively decreased their holdings of municipal bonds by $2.37 billion.

The insurance industry has seen more than $5 billion of gains erased on state and local bonds after Donald Trumps victory in the presidential race, with AIG and Travelers among the hardest-hit companies.

An emergency-management team hired by Gov. Chris Christie is considering deferring bond payments to help fix the seaside citys finances.

When Hurricane Sandy roared through New Jersey two years ago, it not only tore up the shoreline. It also pushed out much of the middle class.