Crain Communications to Close Business Insurance
Investment in brands with higher growth potential to continue
DETROIT, Aug. 9, 2016 /PRNewswire/ -- Crain Communications announced today that it is discontinuing its venerable Business Insurance brand to allow for increased focus on products with higher growth potential.
Business Insurance, launched in 1967, has been the insurance industry's leading source of news about the commercial insurance market. However, as a result of shifts in the insurance industry, including continual structural changes and consolidation since 2008, Business Insurance has struggled to diversify its revenue from a dependence on a declining base of print advertising. The company invested heavily in a very talented new team, and despite their best efforts, it became clear that the changes in the market simply weren't going to be reversed.
"As part of our ongoing revenue transformation efforts we have been actively investing in brands that provide the best revenue mix of print, digital, events and content marketing in markets with proven growth potential," said KC Crain, EVP and director of operations for Crain Communications. "The company is continually reviewing its portfolio against this strategy, and it became clear that Business Insurance did not fit these criteria."
In the past year, Crain Communications has expanded its global brand and events portfolio with the launch of 30 digital city business brands and Automotive News Canada, and the acquisition of the World Pension Summit and World Pension Summit – Africa Special.
"We thank all of our loyal readers and advertising partners, and especially the Business Insurance staff, for their support over these many years," Crain said.
The Aug. 1 issue of Business Insurance was its last print issue; the website, businessinsurance.com, and the Business Insurance events business will cease operation as of Aug. 9.
About Crain Communications
Crain Communications is a privately held media company that produces trusted and relevant news publications, lead generation, research and data products, digital platforms, custom publishing, and events with uncompromising integrity. Reaching 6 million business decision-makers and consumers across the United States and in select markets in Europe and Asia, the company's 55 brand portfolio consists of 21 print publications and 34 digital-only news sites. Many of Crain's brands are the most influential media properties in the verticals they serve including Automotive News, Autoweek, Advertising Age, Modern Healthcare, Plastics News, and Pensions & Investments. Headquartered in Detroit, the company has 900 employees in 13 locations delivering exceptional news content over a variety of platforms to empower the success of its readers and clients.
SOURCE Crain Communications
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