Prudential Turns Focus to Captive Agents

Prudential Financial’s property/casualty subsidiary has terminated the contracts it had with 200 independent agencies across the country earlier this month in a move to focus its retail distribution on captive agents.

While independent agents will be prohibited from selling any new Prudential business within 30 days of being notified of their termination, they will be able to renew any existing policyholders.

Prudential Property and Casualty Inc. (PRUPAC) lost $134.5 million in 2003, and its parent is considering selling the business outright, according to a company spokesperson.