CARMEL, Ind., Dec. 11, 2018 (GLOBE NEWSWIRE) -- Protective Insurance Company (NASDAQ: PTVCA, PTVCB) and 5Star Specialty Programs are expanding their strategic partnership in the Public Auto market. Effective immediately 5Star will be Protective’s sole distribution source for its commercial auto insurance offering in the Public Auto (Charter/School Bus & Limo) segment.
Protective has partnered with 5Star since 2016 to offer commercial auto insurance for Public Auto customers operating with 1-25 units. Going forward 5Star will assume all of Protective’s distribution services within the Public Auto market. 5Star’s experience and expertise in this market will provide significant value to Protective’s customers and distribution partners.
“We are very excited to expand our existing strategic partnership with 5Star,” Jay Nichols, Interim CEO and Chairman of the Board of Protective Insurance Company said. “We have been very impressed with their ability to produce profitable business and integrate with our internal processes and systems. 5Star’s long track record within this complex risk class is impressive and will help us improve our offering while providing value to our customers.”
Dave Tooley, President of 5Star Specialty Programs, a CRC Group Company, said, “We’ve built a strong partnership with Protective over the past several years and we’re looking forward to further growing our relationship with such a great company. We’re thrilled Protective selected our organization to be their exclusive Public Auto distributor. Our expertise in the public auto sector, in addition to the best-in-class service we provide on each account, will be instrumental in successfully growing our relationship.”
Over the next twelve months, Protective will be transitioning its retail produced book of Public Auto business to 5Star. This process will include an in-depth review of the existing book of business, specifically examining rate adequacy and volatility of the segment.
5Star and Protective have more than 35 years of combined experience in the Public Auto space and remain committed to providing best-in-class products and services for their customers.
Protective Insurance Company is a property-casualty insurer specializing in transportation and workers’ compensation through its underwriting companies, Protective Insurance Company and Sagamore Insurance Company. With an 85-year tradition of delivering the highest-quality, customized insurance products, Protective Insurance Company offers coverages for trucking fleets, workers’ compensation, and independent contractors through its retail distribution channels and program businesses. Protective Insurance Company is based in Carmel, Indiana and has a financial rating of A (Excellent) by A.M. Best. For more information, visit www.protectiveinsurance.com.
5Star is a full-service Managing General Agent (MGA) offering underwriting expertise in transportation and workers’ compensation. The company provides exceptional industry and coverage expertise, highly rated carrier providers, and competitive rates & commissions for their agent partners. 5Star is a division of CRC Group (CRC Insurance Services, Inc.), one of the largest insurance wholesalers in the nation. For more information, visit www.5StarSP.com