Travelers Commercial Lines commission reductions announced today

[NY independent]

Travelers told us today that BOP (Masterpac), commercial auto, GL and umbrella commissions are being reduced effective January 2024. Marketing said expect 12/12. That's being rolled out nationwide except for some of the very large agencies. That's a very significant cut for us. Has anyone seen how profitable they are doing these days?
They forget who butters their bread. It's a shame that I need them as a market. What a disgrace.

 

[Christopher Lane]

Outside of carriers not writing certain lines of business are they the first one's to drop commissions on small commercial?

Back when I was in the field, we dropped our auto commission in MA (largest auto writer) and then everyone else followed.

 

[NY independent]

They are the first carrier to reduce CL commissions for us.

 

[MIGA1626]

Travelers told us today that BOP (Masterpac), commercial auto, GL and umbrella commissions are being reduced effective January 2024. Marketing said expect 12/12. That's being rolled out nationwide except for some of the very large agencies. That's a very significant cut for us. Has anyone seen how profitable they are doing these days?
They forget who butters their bread. It's a shame that I need them as a market. What a disgrace.

According to their SEC filings their Net Income is averaging around where is has for the past 10 years. They are probably just taking advantage of the narrative that "INSURANCE MARKET BAD.... ME SCARED"