Crain’s sells Business Insurance, which will resume publishing

Crain Communication announced Wednesday that it is selling Business Insurance, a 49-year-old publication it decided to close, to a new owner who is from the insurance industry.

Terms were not disclosed. Gavin Souter will continue as editor while Peter Oxner, who had been advertising director, has been promoted to publisher.

This was posted on the Business Insurance website:

Potter intends to honor all existing subscriptions and will extend paid subscriptions to account for the missing issues during the transition period. The publication is being redesigned, but will be back online at www.businessinsurance.com and in print this October.

Besides top leadership, several of the Business Insurance staff also will remain with the team.

Potter’s background in the insurance industry spans three decades. He started his career as a broker before moving in-house as the risk manager for Continental Airlines. He also worked for American Airlines and Warner Music Group, and served on the board of an insurance company and as a senior executive of an MGA.

In 2007, Potter founded the Claims and Litigation Management Alliance, which today has a membership of approximately 35,000 claims and litigation professionals and is the largest association in the insurance industry. The CLM and Business Insurance will operate as separate entities.