A handful of parent companies control America’s trucking insurance market

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The previous six installments examined the regulatory gap that allows insurers to bind policies without evaluating carrier safety records (“The Dumping Ground”), the insurer scorecards revealing where crash risk concentrates in specific portfolios (“How Carriers and Insurers Are Subsidizing Failure”), the Risk Retention Group loophole that leaves 209,854 crashes outside state guaranty fund protection (“Trucking’s Shadow Insurance Market”), the $750,000 federal minimum that hasn’t moved since 1980, the chameleon carrier networks exploiting the system’s weakest points, and the real time insurance migration patterns of the most dangerous carriers in America (“Insurers Judged by the Trucking Company They Keep”). Each piece peeled back another layer. This one looks at the undercurrent vs the surface. State National is a Markel subsidiary. Ace is Chubb. The market’s surface diversity masks a consolidation of risk that almost nobody is talking about.The market might look competitive on the surface, but it is anything but. The names on the insurance certificates change. The holding companies writing the checks don’t. When the next capacity crisis hits, the entire industry will learn this lesson the hard way.Let’s start with what most people in trucking see. You pull a carrier’s insurance filing from FMCSA’s SAFER system, and you see a company name. Northland Insurance. Great West Casualty. National Indemnity. State National. ACE American. These look like separate companies competing in the same market. They have different logos, different agents, and different phone numbers. A broker pulling certificates might see five different names across five different carrier accounts and assume the risk is spread across five different balance sheets.It isn’t.Northland Insurance is a division of Travelers Companies, a Dow 30 component and one of the largest property casualty insurers in the United States. Northland describes itself as the largest trucking wholesale insurance company in the country. Its A.M. Best rating is A++. All of that is Travelers’ balance sheet.Great West Casualty Company has been a subsidiary of Old Republic International Corporation since 1985. Old Republic is a Fortune 500 holding company with subsidiaries dating back to 1887. Great West’s commercial auto, cargo, inland marine, and workers’ compensation policies are underwritten and issued by Old Republic Insurance Company. The name on the certificate says Great West. 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